Libya’s Oil Revenues Reach $15.16 Billion in 10 Months


On Tuesday, the Central Bank of Libya (CBL) announced that the country’s oil sales revenue reached 74.4 billion dinars (approximately $15.16 billion US dollars) until October 2023.

The revenue had amounted to 67.1 billion dinars at the end of September 2023.

As the primary source of foreign exchange, and the mainstay of the country’s revenue, oil remains central to Libya’s economy, according to the Arab World News Agency.

This significant income from oil sales illustrates the nation’s continued dependency on hydrocarbon resources, amidst a fluctuating global energy market. The report from the Central Bank offers a glimpse into the financial health of the war-torn country, as it navigates the complexities of post-conflict reconstruction and economic stabilisation.

The oil sector in Libya has historically been a linchpin for its economic sustenance, and the reported figures suggest a steady inflow, despite the challenges. This news comes as a positive indicator for potential investors and signals the government’s ongoing effort to maintain oil output levels amidst political instability.

Earlier, Libyan Minister of Oil and Gas, Mohamed Aoun announced plans to increase its daily oil production to two million barrels.

The Libyan government aims to raise oil production from its current approximately 1.2 million barrels per day to 2 million barrels, before the year 2030.

“We will begin to see the results of this growth within two to three years, and within approximately five to seven years when we reach the target of two million barrels per day,” Aoun said in a press statement.

Moreover, Aoun highlighted that this investment won’t be limited to existing fields but will also encompass newly discovered fields, that are yet to be developed.

In July, the National Oil Corporation (NOC) announced that oil production had risen to one million barrels per day.

In August, the NOC reported production stability of 1.2 million barrels, signalling the country’s gradual increase in production, particularly through the development of newly discovered fields.