Libyan Oil Revenues Fall Year-on-Year

23% gain in revenues in December from November; total 2019 revenues 8.4% down on 2018

The National Oil Corporation (NOC) reported December 2019 revenues of approximately 2.2 billion USD ($2,186,488,241.19), an increase of around 405 million USD (23%) on November 2019, mostly due to an increase in the oil price of around 5.42 USD per barrel between October and November sales.

2019 annual revenues, at 22.495 billion USD, were around 8.4% down on 2018’s figure of 24.55 billion USD. These figures reflect a drop in the oil price, from an annual average of 69.78 USD per barrel in 2018 to 63.83 USD per barrel in 2019.

NOC’s revenues come from sales of natural gas, crude oil and assorted derivative products, in addition to taxes and royalties received from concession contracts.

According to NOC Chairman Eng. Mustafa Sanalla:

“Despite many challenges, NOC maintained consistent production, generating the vital revenues that the Libyan people depend on and contributing to global oil market stabilisation.” 

December’s revenues were 8.5% down compared with the same month last year, reflecting a slight decrease in the price of oil. December revenues are generated from sales made in November. The average OPEC basket crude oil price in November 2019 was 62.94 USD, while in November 2018 it was 65.33 USD.

NOC embraces transparency as one of Corporation’s key values, and has reported monthly revenues dating back to January 2018, setting a standard for other Libyan institutions.

NOC pays all revenues from sales of oil and gas products to the Central Bank and receives its operating and capital budgets from the Ministries of Finance and Planning, disbursed by the Central Bank.

(Source: National Oil Corporation)

No comments yet.

Leave a Reply