Libya's 2019 revenue declines 8.4 pct amid war, oil price drop - The Libyan Report

Libya's 2019 revenue declines 8.4 pct amid war, oil price drop

Source: Xinhua| 2020-01-15 05:08:04|Editor: yan

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TRIPOLI, Jan. 14 (Xinhua) -- The Libyan National Oil Corporation (NOC) controlled by the UN-backed government on Tuesday revealed that the country's revenue in 2019 declined by 8.4 percent from 2018 due to war and oil price drop.

The revenue in 2019 was about 22.5 billion dollars, and "these figures reflect a drop in the oil price," the NOC said in a statement.

The oil sector, the main source of income of Libya, has suffered tremendously from the armed attacks on oil fields and ports by the eastern-based army.

Since early April of 2019, the UN-backed government has been engaged in a deadly armed conflict in and around the capital Tripoli against the eastern-based army, which has been trying to take over the city and overthrow the UN-backed government.

The armed conflict has killed and injured thousands of people, and forced more than 120,000 civilians to flee their homes.

Libya has been mired in violence and political instability ever since the fall of the late leader Muammar Gaddafi in 2011. source