Libya Records Rise in Oil Revenues

Libya might be embroiled in a protracted civil war following the fall of the Gaddafi regime, but it is not all doom and gloom as the North African country keeps raking revenue from its oil.
The country’s National Oil Corporation (NOC) disclosed the oil sector recorded an increase in revenue from $1.8 billion in September to $2.2 billion in October. This represents a 21 percent increase, a windfall the corporation said is the result of tough and pragmatic measures in the face of conflict.
A statement issued by the company indicated that the revenue came from sales of crude oil, hydrocarbons, petroleum, and petrochemical derivatives. Other sources include taxes, royalties from concession contracts and receipts of shipments made in September.
Chairman of the company, Mustafa Sanallah, stressed that “despite the deteriorating security situation in the country, the National Oil Corporation was able to achieve a rise in October revenues by increasing sales and maintaining production operations.” He added that the oil revenue will be of significant benefit to the Libyan people, and that the country’s continuous supply of oil will meaningfully contribute to the stability of the international oil market.