Libya’s oil sector has achieved its strongest monthly revenue performance in a decade, with the National Oil Corporation (NOC) announcing that income from crude oil sales and royalties reached nearly $4 billion in May.
The figure represents the highest monthly revenue recorded by the sector in the past ten years and highlights the continued importance of oil as the backbone of Libya’s economy.
The announcement was made during an Eid Al-Adha gathering at the corporation’s headquarters in Tripoli, where NOC Chairman Masoud Suleman praised employees across the energy sector for their role in sustaining production and delivering strong financial results despite ongoing operational and logistical challenges.
Suleman said the record revenues reflect the expertise and dedication of Libya’s technical workforce, whose efforts have contributed to maintaining production levels and improving operational efficiency. He emphasized that the achievement demonstrates the sector’s resilience and its ability to generate critical income for the country.
The NOC chief also highlighted progress in institutional reforms aimed at modernizing management structures and improving decision-making processes. According to Suleman, a phased development plan is being implemented to enhance administrative performance, streamline operations, and strengthen governance across the organization.
On fuel supplies, Suleman stressed that the domestic market remains adequately supplied and dismissed concerns about shortages. He confirmed that fuel stocks are sufficient and that import operations continue without disruption.
According to the corporation, 17 gasoline tankers were contracted during May, the highest monthly import level recorded since the NOC was established. The increase reflects ongoing efforts to secure stable supplies and meet domestic demand.
Suleman further revealed that spending on fuel imports exceeded $1 billion during the month. He noted that the primary challenge facing the sector is no longer fuel availability but ensuring efficient distribution and preventing losses caused by smuggling and illegal diversion of fuel products.
