First Published: 2018-01-05

Libya oil revenues more than triple despite instability
Despite oil revenues surging to $14 billion in 2017, figures fall far short of $50 billion Libyan crude sales earned before Moamer Kadhafi's ouster.
Middle East Online

Oil is the backbone of Libya's economy.

TRIPOLI - Libya's oil revenues have more than tripled in 2017 despite violence and political instability, according to figures released Friday by the central bank.

The backbone of the North African country's economy, Libya's oil sector collapsed in the wake of the 2011 NATO-backed uprising that toppled longtime dictator Moamer Kadhafi.

Oil output fell from 1.6 million barrels per day to less than 500,000 bpd between 2014 and 2016 due to violence around production facilities and export terminals as rival militias fought for control.

Despite revenues surging to $14 billion (12 billion euros) in 2017, up from $4.8 billion the previous year, Friday's figures fall far short of the $50 billion Libyan crude sales earned before Kadhafi's ouster.

In 2017, production surged again to over one million barrels per day, slashing a record 2016 budget deficit by half to $7.7 billion in 2017, the central bank said.

Crude sales make up 90 percent of Libyan state revenues, including most of what the country spends on public salaries and subsidies.

An internationally-backed unity government in Tripoli controls the country's oil income, but a rival administration based in the east has also established its own central bank.

Since 2014, fighting and protests have regularly shut down oil facilities, a key focus of power struggles in a country with the largest oil reserves in Africa.

Analysts see restarting oil production and exports as key to kickstarting Libya's moribund economy and returning security to the country.

Despite rising revenues, the country continues to face persistent cash shortages and is struggling to tackle an unprecedented drop in the value of its currency.

 

UN Security Council lenient to Turkey’s Syria offensive

Washington probes Hezbollah ‘narcoterrorism’

Tillerson to present US strategy on Syria to European, Arab allies

Russia pension funds may invest in Aramco IPO

Iranian woman skydiver looks to break down stereotypes

Qaeda leader calls on Muslims to attack Jews, Americans over Jerusalem

Palestinians in occupied West Bank get 3G

Turkish army clashes with Kurdish militia amid US alarm

Turkey arrests dozens accused of ‘terror propaganda’

Three French female jihadists face possible death penalty in Iraq

Women journalists protest separation during Pence visit to Jerusalem

Egypt military accuses presidential hopeful of committing crimes

Israeli minister calls to ban author praising Palestinian teen

Qatar supports Turkey’s offensive against Kurds

World powers meet on Syria chemical attacks

Morocco's king appoints five new ministers

Pence pledges US embassy move by end of 2019 on Jerusalem trip

Russia calls for diplomatic solution to Yemen conflict

Russia invites Kurds to join Syria peace process

Turkey shells Kurdish targets in northern Syria

Closer look at pro-Ankara rebels amassing around Afrin

Pence set for Palestinian snub

Abbas to ask EU to recognise Palestinian state

Saudi-led coalition to give $1.5 bln in Yemen aid

Mattis: Turkey gave US advance warning on Syria operation

Yemen releases budget for first time in three years

Saudi calls for cooperation between OPEC, non-OPEC countries

France presses Turkey to end offensive against Kurds

The changing faces of al-Qaeda in Syria

Kurdish militia fire rockets at Turkish town

Moroccans wary depreciation of dirham could raise cost of living, despite benefits

Deserted streets, terrified civilians after Turkey attacks Afrin

Iraqi, Kurdish leaders hold talks on bitter regional dispute

Russia-led Syria peace congress to be held January 30

Turkey launches new strikes on Kurdish targets in Syria

Egypt's Sisi says will stand for re-election

Pence heads to Mideast despite Muslim, Christian anger

Assad regime says Syria a 'tourist' destination

Journalists arrested while reporting Sudan protests

Aid for millions of Palestinians hostage to politics

Lebanon thwarts holiday attacks using IS informant

Mortar fire wounds 14 in Syria mental hospital

Turkish military fires on Kurdish forces in Syria's Afrin

More than 32,000 Yemenis displaced in intensified fighting

UN warns of "lost generation" in South Sudan's grinding conflict