Oil Revenue Rise, Libya Reduces Budget Deficit

The government of Libya budget deficit has narrowed its budget deficit to 4.6 billion dinars ($3.32 billion) in 2018 down from 10.6 billion dinars ($7.67 billion) in 2017 thanks to a rise in oil revenues, the central bank said yesterday.

Libya’s oil revenues stood at 24.5 billion dollars in 2018, up 78 percent from the previous year, central bank data showed. State oil company NOC aims to increase production to 2.1 million barrels per day (bpd) by 2021. Although, currently, Libya production capacity stands at 950,000 bpd.

The country’s central bank in Tripoli has continued to control oil revenues, which account for nearly all the country’s income, and to disburse them across the country judiciously.