An oil refinery in Libya’s northern town of Ras Lanuf
TRIPOLI, Nov 7 (NNN-Xinhua) — Libya’s oil revenues during the September-October period saw a sharp year-on-year drop, standing at 347.1 million U.S. dollars, the state-owned National Oil Corporation (NOC) said.
The NOC said in a statement that total oil revenues for September this year amounted to 116.9 million U.S. dollars, significantly down from 1.7 billion dollars earned in September last year.
October’s oil revenues were 230.2 million dollars, compared with 2 billion dollars in October 2019, the statement said.
“We have started actual and serious work, and we expect a significant increase in revenues during the months of November and December. This is a result of gradual return to natural production … but we are facing a challenge” due to a scarce budget for the sector, said NOC Chairman Mustafa Sanallah.
NOC recently announced lifting the state of force majeure on the country’s oilfields and resuming oil production and exports.
Demanding a fair distribution of the oil revenues, the east-based army since January had been blocking oil production and exports, Libya’s main source of income.
The oil blockade brought down daily crude oil production from more than 1.2 million barrels to just around 100,000. — NNN-XINHUA
