Libya’s oil revenue experiences 23% hike

An oil facility. [Photo: Pinterest]
The revenue of the Libyan National Oil Corporation (NOC) registered a 23% month-on-month leap to stand at USD2.1 billion during the seventh month of this year.

NOC said in a statement that this boost is driven by a hike in the volume of crude oil shipments by the end of June 2019, when revenues reached USD1.73 billion.

“Libya’s oil sector is still vulnerable to setbacks mainly related to the deteriorating security situation inside the country,” said NOC Chairman, Mustafa Sanalla.

Sanalla indicated that the sabotage incident which affected Sharara oil pipeline “has significantly reduced revenues.”

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