On Sunday, Libya’s National Oil Corporation (NOC) announced that crude oil revenues reached $1.57 billion dollars in May 2023, based on the NOC’s accounts at the Libyan Foreign Bank.
In a statement, the NOC said the total revenue from crude oil amounted to $1.572 billion. Meanwhile, revenues from oil products reached $59.862 million, while revenues from gas and condensates recorded $29.862 million, and petrochemicals brought in $615,874.
The Central Bank of Libya (CBL) announced that Libya’s total oil revenues rose to 19.1 billion Libyan dinars, from January to April 2023.
The CBL revealed that the country’s total revenues recorded 31.9 billion dinars, over the last four months. State expenditures amounted to 24.9 billion dinars in 2023. The bank noted that foreign currency exchange revenues over the last four months amounted to $15.05 billion dollars.
In recent months, Libya’s oil sector has stabilised, and production has risen to 1.2 million barrels per day. The Minister of Oil and Gas, Mohamed Aoun expressed his hopes that “oil production will return to 2010 levels within two or three years.”
In the fourth quarter of 2022, a report by the International Monetary Fund stated that Libya will be the fastest-growing Arab economy in 2023. It is set to have a growth rate of 17.9%, compared to 3.9% for Arab states.
These figures are a reflection of Libya’s efforts to rebuild its economy and stabilise its oil production after a decade of political turmoil and conflict following the overthrow of dictator Muammar Gaddafi in 2011.
Libya holds Africa’s largest proven reserves of oil, and its economy relies heavily on hydrocarbons, which account for over 90% of state revenues. The robust revenue from crude oil sales underlines the country’s potential to harness its natural resources to bolster its economy.
The upturn in oil revenue also underscores the importance of ongoing peace efforts in Libya. Political stability is crucial to maintain and increase oil production, a key source of income for the country.