Libyan oil and gas revenues plummeted by 92% in 2020

Libya billions of dollars worth of revenues in 2020 according to data released by the Central Bank

BY Libyan Express Jan 24, 2021 - 00:06

Haftar enforced blockade on oil cost Libyans billions of dollars in 2020. [Photo: Internet]

Official statistics have shown that because of the blockade enforced on oil facilities by Haftar forces, Libya’s oil revenues decreased by 92% last year, a steep plummet that played a massive role in debilitating the economy by cutting off its primary source of income.

According to data released by the Central Bank of Libya (CBL), the revenues for 2020 were estimated at 2.9 billion Libyan dinars ($652 million), a drop in the bucket of the 31.4 billion Libyan dinars made in 2019.

Libya’s oil production has recovered at a faster-than-the-expected rate that left the international community impressed, a recovery that chief of Libya’s National Oil Corporation, Mustafa Sanalla promises will only increase.

Despite an unstable oil market due to the rampant spread of Covid-19 and its effect on oil demand, Libya continues to be excluded from production cuts due to the country’s unstable circumstance and the economy being almost 90% dependant on the oil industry.

Libya will continue to be excluded until its output stabilises at 1.7 million BPD according to the head of the NOC.

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