Libya's 2019 oil revenues down 8.4 percent on 2018: NOC - The Libyan Report

Libya's 2019 oil revenues down 8.4 percent on 2018: NOC

Libya’s 2019 oil revenues down 8.4 percent on 2018: NOC

By Sami Zaptia.

London, 14 January 2020:

Libya’s state National Oil Corporation (NOC) reported today a 23 percent gain in revenues in December 2019 from November, and total 2019 revenues of US $ 22.495 billion, 8.4 percent down on 2018.

It reported that December 2019 revenues of approximately US $ 2.2 billion, an increase of around 405 million USD (23%) on November 2019, were mostly due to an increase in the oil price of around US$ 5.42 per barrel between October and November sales.

It added that 2019 annual revenues, at US$ 22.495 billion, were around 8.4 percent down on 2018’s figure of US$ 24.55 billion. These figures reflect a drop in the oil price, from an annual average of 69.78 USD per barrel in 2018 to 63.83 USD per barrel in 2019, the NOC explained.

NOC Chairman Mustafa Sanalla said that “Despite many challenges, NOC maintained consistent production, generating the vital revenues that the Libyan people depend on and contributing to global oil market stabilisation.”

December’s revenues were 8.5% down compared with the same month last year, reflecting a slight decrease in the price of oil. December revenues are generated from sales made in November. The average OPEC basket crude oil price in November 2019 was US$ 62.94, while in November 2018 it was US$ 65.33, the NOC said. source