Home World News Emerging Markets 2023 Oil Revenue of Libya Expected to rise to US$23.3 billion

2023 Oil Revenue of Libya Expected to rise to US$23.3 billion

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Libya oil blocked over Turkish deployment of troops (Photo by Oil Price)
(Photo by Oil Price)

The Central Bank of Libya said Sunday that the country’s oil revenues in 2023 were 111.4 billion Libyan dinars (about 23.3 billion U.S. dollars).

The central bank said of the total oil revenues, 99.1 billion dinars were oil sales and 12.3 billion dinars were oil royalties revenues. The country’s total public revenues in 2023 were 125.9 billion dinars, while expenditures were 125.7 billion dinars, it added. In 2022, the country’s revenues were 134.4 billion dinars, while expenditures were 127.9 billion dinars.

Despite representing a major source of national revenues, Libya’s oil and gas sector has suffered over the past years from armed conflict as well as oil field and port closures.

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