Data from the Central Bank of Libya

Data from the Central Bank of Libya showed today, Saturday, that the country’s oil revenues for the first seven months of 2023 amounted to 45.3 billion dinars (about $9.5 billion).

In a statement on its website, the Central Bank said that Libya’s budget revenues for the period from January to July 2023 amounted to 62.8 billion dinars ($13.1 billion), while total expenditures amounted to 47 billion dinars.

According to the National Oil Corporation, Libya has the largest oil reserves in Africa, and its production exceeds 1.2 million barrels per day.

Closure of oil fields and ports

The closure of oil fields and ports has been repeated in Libya for almost a decade for various reasons, whether it be labor protests, security threats or political divisions.

Two governments are vying for power in Libya, the first in control of the west of the country, based in Tripoli, led by Abd al-Hamid al-Dhabiba and formed following a political dialogue in early 2021, and the second in control of the east of the country, led by Osama Hammad, is authorized House of Representatives and supported by Field Marshal Khalifa Haftar.