Libya’s oil, gas exports hit 5-year high

Libya has been heavily dependent on revenues from its hydrocarbon exports

TRIPOLI:

Libya’s lifeline oil and gas exports raised revenues of more than $21.5 billion in 2021, the highest level in five years, the National Oil Corporation (NOC) announced on Saturday. Total net revenues for oil and gas exports last year amounted to $21.5 billion as well as €30 million in non-dollar sales, the state-run NOC said in a statement. It said record levels were achieved in November and December, raising a combined $4.3 billion in the last two months of 2021. “The end of the year 2021 recorded a recovery, and oil prices achieved their largest annual gains since 2016, driven by the recovery of the global economy from the state of stagnation” due to the coronavirus pandemic, NOC Chief Mustafa Sanalla said. Since the 1970s, Libya, which sits on the largest known oil reserves in Africa, has been heavily dependent on revenues from its hydrocarbon exports.

Published in The Express Tribune, January 16^th, 2022.

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