Libya posts drop in oil ‘revenues’

TUNIS, Sept 24, (KUNA): Libya’s National Oil Corporation (NOC) said that it recorded $128 million in revenues from oil, gas and condensate exports for the months of July and August, a record decline from what it was in the same period of 2019.

NOC said in a statement that the Libyan oil revenues amounted to USD 38.2 million last July, a huge decline compared to $2.1 billion in July 2019.

This is the lowest monthly revenue recorded this year, as NOC registered $24.7 million from crude oil sales, $12.8 million from gas and condensate sales, and $647,346, from the sales of petrochemicals, they added.

Conversely, the corporation registered a slight increase in revenues last August, after a brief and limited cessation of the blockade allowed it to ship a quantity of crude oil from the storage tanks of Es Sider port.

Revenues during August slightly exceeded $90 million compared to $2 billion in August 2019, documenting $74.4 million from crude oil sales, $14.7 million from gas and condensate sales, and $829,204 from petrochemical sales, they mentioned.

They warned that the blockade has cost Libya almost $10 billion thus far.

“While the rest of the world is facing a historical financial and economic crisis, the Libyan state continues to suffer heavy losses merely to serve foreign political interests. The illegal oil blockade continues to have disastrous effects on our national economy and the livelihood of Libyans,” NOC’s Chairman Mustafa Sanalla explained.

Libya’s eastern-based forces led by Khalifa Haftar surrounded the oil fields and prevented their export, but recently reached an agreement under which it allowed the resumption of the export of Libyan oil.