Libya oil revenue reaches $24.4 billion in 2018

Libya oil revenue reaches $24.4 billion in 2018

Libya’s oil revenue has risen to $24.4 billion in 2018, according to a statement from the country’s National Oil Corporation (NOC).

The statement also said NOC had recorded an average of 1.107 million barrels per day last year, up 78% from that of 2017.

This comes as OPEC introduce cuts to production in a bid to counter the decline in oil prices, which Libya is exempt from due to its internal troubles that have reduced output.

Libyan oil production rocketed in the latter half of 2018 to its highest level in five years, after the country struggled to rebuild its energy sector, which has been marred by terrorist attacks and takeovers by warring militias.

 

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