Libya Reports Rising Oil Output

The National Oil Corporation (NOC) of Libya has confirmed a steady increase in oil production rates, with all fields operating smoothly and production exceeding 1.4 million barrels per day, according to a statement released today.

The NOC assured that Libya’s revenue stream remains uninterrupted, with the latest transfer to the Central Bank amounting to $900m. The corporation maintains that there are no concerns regarding revenue flows, despite recent fluctuations.

However, financial data reveals a notable decline in annual revenues. The NOC reported total revenues of $26.120bn in 2024, down from $31.132bn in 2023 – a decrease of $5.012bn. Transfers to the General Treasury dropped to $15.887bn, marking a $6.4bn decrease from 2023’s $22.3bn.

The Ministry attributed the revenue decline to several factors:
– A reduction in oil production by approximately 36 million barrels due to field and port closures
– Lower average Brent crude prices throughout the year
– Increased fuel import costs of approximately $500m due to higher consumer demand
– Recurring shutdowns at the Zawiya refinery, forcing the corporation to seek alternative supply sources

The NOC explained that 2023’s higher figures included approximately $2.4bn in backdated revenues from previous years, which contributed to the apparent year-over-year decline.

According to the Central Bank of Libya’s report, total foreign currency revenues reached $21.8bn ($18.6bn in direct revenues plus $3.2bn from investments), whilst expenditures totalled $27bn, resulting in a foreign currency deficit of $5.2bn.

The NOC reaffirmed its commitment to transparency, pledging to maintain open disclosure of information regarding Libya’s national resources, regardless of circumstances.