Tag Archives | oil revenues

Libya lost 92% of Oil & Gas Revenues in 2020

From Middle East Monitor, under a creative commons licence. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Libya Business News. Official statistics have shown that Libya's oil and gas revenues decreased by 92 per cent last year, as the blockade imposed for months on oil facilities […]

Libyan Oil Revenues triple from Oct to Nov

By John Lee. The National Oil Corporation (NOC) has announced that exports of crude oil, gas and condensate, petroleum products and petrochemicals for the month of November 2020 have amounted to US$ 700,421,887.47, an increase of 204 percent from October. For comparison, revenues of November 2019 were US $ 1,660,115,142.09. According to an NOC statement, […]

NOC to Withhold Oil Revenue from Central Bank

By John Lee. Libya's National Oil Corporation (NOC) has said that oil revenues will not be transferred to the Central Bank of Libya (CBL) "until the Bank has a clear transparency in front of the Libyan people regarding the mechanism of spending the oil  revenues during the last years." The move follows a public disagreement […]

Libyan Oil Revenues for Sept and Oct

Libya's National Oil Corporation (NOC) reports that the total oil revenues for September of this year amounted to $ 116.9 million, registering a significant decline compared to the revenues for September of last year 2019, which amounted to $ 1.7 billion, as crude oil sales recorded $ 83.9 million. Only US $ 33 million of […]

Libyan Central Bank warns of Financial Collapse

By Al-Monitor staff. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Libya Business News. Libyan Central Bank warns of financial collapse if oil production not restored The near halt of Libya's oil production and exportation amid the civil war could cause the country's economic collapse, the head […]

Blockade has cost Libya almost $10bn

The National Oil Corporation (NOC) has reported oil, gas and condensates export revenues of USD38.2 million in July 2020, a hugely damaging drop compared to USD2.1 billion in July 2019. This is the lowest one-month revenue figure recorded this year. NOC registered USD24.7 million from sales of crude oil, USD12.8 million from gas and condensate […]

Libya's June Oil Revenues for June "Lowest this Year"

The National Oil Corporation (NOC) reported crude oil, *gas (propane and butane)* and condensates export revenues of US$45,552,578.87 million for June, the lowest recorded this year. No revenues were earned from oil products sales for the sixth month in a row. Falling production led to this large drop in revenues as refineries, oilfields and ports […]

Libya loses $4bn from National Economy

By John Lee. The forced closure of many NOC facilities has resulted in the country losing revenue of over $4 billion. NOC chairman Eng. Mustafa Sanalla commented on the loss saying: "Libya is today $4 billion poorer than it would have been without the blockade. That is public funds that could have been invested into […]