The National Oil Corporation (NOC) says that the country's oil revenues have not stopped and are regularly transferred to the Central Bank of Libya (CBL). It noted that a sum of $900 million was sent to the CBL during the last two transfers, $400 million on December 31, and $500 million on January 12.
In a press briefing on Wednesday, the NOC reassured citizens about oil production rates, which exceeded 1.4 million barrels per day, an achievement that has not been attained since 2013, noting that work is continuing well at all oil sites according to the strategic plan it is following regarding increasing production.
NOC expressed its hope to obtain the necessary budgets to maintain and increase current production rates, stressing its continuation in transferring revenues as they are received successively and without disruption.
On Tuesday, the NOC published data on the total revenues collected during 2024, which amounted to $26 billion and 120 million compared to $31 billion and 132 million in 2023, a decrease of $5 billion and 12 million. It attributed the decrease to seven reasons, including that 2023 witnessed the collection of royalties from previous years, in addition to the decline in oil production as a result of closures, the decline in average Brent crude prices, and the increase in the value of fuel supplies from abroad.
