Libya Triples Oil Revenues In 2017 As Production Recovers

6 Jan 2018   Libya

Libya’s oil revenues nearly tripled in 2017 to US$14 billion as the country managed last year to gradually recover its oil production, reaching 1 million bpd for the first time since 2013. According to data by Libya’s central bank, the revenues from oil sales almost tripled last year from US$4.8 billion in 2016. The surge in oil revenues amid recovering production and recovering oil prices allowed Libya to halve its budget deficit last year, to US$7.85 billion (10.6 billion Libyan dinars), from US$15 billion (20.3 billion dinars) in 2016, the central bank said. Libya’s oil revenues represented more than 86 percent of its total income last year. In its economic outlook on Libya in October 2017, the World Bank said : “Despite strong growth performance driven by the oil sector, the Libyan economy is still suffering from political strife that hinders it from reaching its potential. Following four years […]

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