Libya’s Oil Revenues Rise To $6.95 Billion In H1 2023

Libya’s revenues from crude oil in the first half of the year fell to $6.95 billion (33.4 billion Libyan dinars)—down from 37.3 billion dinars in H1 2022, according to a Thursday statement from Libya’s central bank.

Libya’s crude oil production in the first part of this year is higher than it was during the same period last year. In Q1 2023, Libya’s crude oil production averaged 1.157 million bpd, according to OPEC’s secondary sources, rising only slightly to average 1.169 million bpd by May of this year. This is an increase on 2022, when 1st quarter production averaged 1.063 million bpd, with May 2022 production averaging just .707 million bpd.

But Brent crude oil prices are down nearly $30 per barrel from May 2022 to May 2023. Libya relies on oil for almost all of its exports and fiscal revenues.