Libya: Oil Revenues Plummet 36 Percent in April

Published June 2nd, 2021 - 09:00 GMT
Libya: Oil Revenues Plummet 36 Percent in April
Oil production dropped from 1.28 million barrels in March to 1.13 million in April. (Shutterstock)

Libya's oil revenues decreased by 36 percent in April on a monthly basis due to the decline in production, the country's National Oil Corporation (NOC) said in a statement on Tuesday.

Sales of "crude oil, gas, condensate, petroleum products, and petrochemicals" dropped to $ 1.311 billion in April from $ 2.052 billion the previous month, the statement added.

The NOC said revenues from crude oil amounted to $1.246 billion, while $53.9 million were generated from gas and condensate revenues and petrochemical sales generated $10.2 million.

Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), had an average daily production of 1.13 million barrels in April, according to OPEC figures, a stark drop from 1.28 million barrels in March.

NOC Chairman Mustafa Sanalla at the time said rising debts due to the reduction in budget allocation for public oil companies in Libya has caused a decline in oil production.

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