• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 12 mins The Most Annoying Person You Have Encountered During Lockdown
  • 20 mins Which producers will shut in first?
  • 13 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 5 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 10 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 5 hours How to Create a Pandemic
  • 5 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 23 hours WE have a suicidal player in the energy industry
  • 11 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 13 hours Death Match: Climate Change vs. Coronavirus
  • 6 hours Where's the storage?
  • 9 hours KSA taking Missiles from ?
Alt Text

The New Saudi Plan To Send Oil Prices Lower

Oil giant Saudi Aramco will…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Libya’s Oil Revenue Takes A Beating

Libya’s oil revenue took a beating in the first half of 2019, according to its central bank as reported by Reuters.

In the first six months of the year, Libya’s oil revenues were down 11.2% from the same period in 2018, the data shows, falling to $10.2 billion in H1.

Like most OPEC members, oil is the backbone of the Libyan economy, representing 92.8% of its total income in H1.

Despite the sagging revenue, oil production in the first two quarters of 2019 was higher than in 2018, according to OPEC secondary sources found in its Monthly Oil Market Report.

However, oil prices were less favorable in the beginning of 2019 than they were at the beginning of 2018, with the OPEC basket price the first week of January in 2019 running about $10 under the level it was trading at that same time during the year prior.

The conflict in Libya has made it difficult for the country to keep up its oil flows at a time when lower oil prices have made it all the more important that it do so. Still, Libya is holding onto ambitious plans to expand its oil production, and a recent HIS Markit analyst, Fotios Katsoulas, Libya’s oil production may very well increase to 2 million barrels per day by 2023.

Still, Libya is trying to put to rest the current open conflict that exists between the UN-recognized government and the eastern-affiliated LNA. Its ability to end the conflict will encourage more foreign companies to do business in Libya, which are already in talks with the OPEC country for deals worth at least $60 billion.

That countries are still interested in even discussing the possibility of venturing into Libya says a lot for its oil potential, which are estimated to contain 48 billion barrels of proven crude oil reserves, according to OPEC.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News