Central Bank of Libya: Oil Revenues Declined by 92% in 2020

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On Wednesday, the Central Bank of Libya (CBL) announced that the country’s revenues from oil and gas declined by 92% last year, after the suspension of most oil exports due to the blockade.

The CBL stated that 2020 revenues amounted to 2.9 billion dinars ($652 million USD), down from 31.4 billion dinars in 2019.

Oil production in Libya has reached 1.224 million barrels per day, with an increase of 136,000 barrels from December 2020.

In September the Commander-in-Chief of the Libyan National Army (LNA), Field Marshal Khalifa Haftar announced the reopening of oil fields after eight months of blockade. Libya’s National Oil Corporation (NOC) welcomed the decision, and quickly lifted the force majeure on the oil fields and began resuming production.