Libya generates US$700.4 million in oil revenues in November

Libya’s crude oil, gas and condensate export revenues for the month of November totalled US$700.4 million, up 204 per cent from October, the Libyan National Oil Company (NOC) announced on Saturday, stating that it reflects the rapid recovery of the sector.

Libyan oil exports resumed only in September, after an interruption of about nine months, and has reached in record time the previous production average of 1.25 million barrels per day.

In a statement, NOC said that the US$700.4 million revenue included revenues from crude oil exports, gas and condensate exports, petroleum product exports and petrochemical exports.

The NOC indicated that export revenues in November 2019 amounted to about US$1.660 billion, a decrease of 57.8 per cent. compared to the same month last year.

It said about US$37.54 million has been recovered, representing debts from previous years from oil investment holding companies.

NOC said “all revenues” are in its accounts at the Libyan Foreign Bank, including all subsequent transactions and settlements, noting that it has been publishing all oil revenue data on a monthly basis since January 2018 to ensure transparency.

Libya has been exempted by the Organization of the Petroleum Exporting Countries (OPEC) from the quota to reduce its oil production, along with Iran and Venezuela, “due to the exceptional circumstances that these countries are going through”.