Brent price rise could pump $20bn into Libya

The head of Libya’s General Union of Oil Workers, Salem Al-Remih, has cautioned that ongoing tensions in the Middle East could drive Brent crude prices above the $100-per-barrel mark in the near future — a shift that could carry significant economic implications for Libya.

Speaking amid renewed regional instability, Al-Remih said a sustained increase in oil prices would offer a substantial boost to Libya’s public finances. “If current geopolitical tensions continue, we could see Brent comfortably exceed $100 a barrel, which would provide a much-needed uplift for the country’s revenue,” he remarked.

He went on to predict that national oil income could surpass $20 billion during the remaining months of the year, assuming prices remain elevated.

The forecast comes at a pivotal moment for Libya, where hopes of economic recovery continue to rest heavily on the performance of the oil sector — the backbone of the national economy.