Central Bank: Libya's oil revenue at $16 billion in first 9 months of 2019

Alwasat - Cairo Wed 09 Oct 2019, 03:40 PM
alwasat radio

Libya’s oil revenues stood at 22.7 billion Libyan dinars ($16.09 billion) in the first nine months of the year, the central bank said on Wednesday. 

The Tripoli-based central bank listed total government spending for the same period at 29.26 billion Libyan dinars, exceeding total revenues of 24.57 billion. It did not give comparative figures for the previous year. 

Last month, the central bank said that Libya earned 20.2 billion Libyan dinars in oil revenue in the first eight months of the year. 

Libya is divided between rival governments in Tripoli and the east, where there is a parallel central bank, making accurate national data hard to obtain. 

However, the central bank in Tripoli has retained control over oil revenue, which are routed through the National Oil Corporation (NOC) and account for the vast majority of the country’s income.

Libya’s internationally recognised Tripoli-based Government of National Accord (GNA) said last week it had allocated 1.5 billion Libyan dinars for (NOC) to maintain oil production in 2019-2020, according to a resolution shared with journalists. 

The NOC has frequently complained in the past that it was not receiving sufficient funding from the GNA.

Libya’s current oil production is around 1.3 million barrels per day. 

OPEC member Libya’s oil production has fluctuated sharply in recent years due to attacks, protests and political conflict in the turmoil following the country’s 2011 uprising.

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