Why did oil export revenues decline in Libya?
The corporation explained that the reasons include “collecting royalties during 2023 for previous years, a decline in oil production as a result of the closure of oil fields, a decrease in the average price of Brent crude oil, and an increase in the value of fuel supplies from abroad.”
The corporation’s statement continued that among the reasons was “an increase in the value of fuel supplies from abroad by a value of approximately $500 million, as a result of increased demand from large consumers, in addition to the repeated shutdowns of the Zawiya refinery, which required covering the deficit in local refining from alternative sources abroad.”
He said: “Increasing the expenses associated with covering the supply of fuel to cover the local market at a value of $100 million for the year 2023, including covering debt for previous years worth $40 million,” pointing to the supply of shipments of natural gas with an estimated value of $199 million, in implementation of the Cabinet’s decision.
The statement also confirmed that among the factors is “an increase in gas settlement allocations for Eni in 2024 at a value of approximately $447 million, compared to 2023, as a result of the decrease in gas production on the one hand, and the increase in the rate of local market consumption of gas on the other hand, which limits the quantities.” The remainder is for export. (free)
