Libya’s oil revenue took a beating in the first half of 2019 , according to its central bank as reported by Reuters. In the first six months of the year, Libya’s oil revenues were down 11.2% from the same period in 2018, the data shows, falling to $10.2 billion in H1. Like most OPEC members, oil is the backbone of the Libyan economy, representing 92.8% of its total income in H1. Despite the sagging revenue, oil production in the first two quarters of 2019 was higher than in 2018, according to OPEC secondary sources found in its Monthly Oil Market Report. However, oil prices were less favorable in the beginning of 2019 than they were at the beginning of 2018, with the OPEC basket price the first week of January in 2019 running about $10 under the level it was trading at that same time during the year prior. […]