Hommam Al Nassim 
The Central Bank of Libya announced, on Thursday, that oil revenues during the first half of the current year, that is, from January 1 to June 30, 2024, recorded 37 billion dinars ($7.61 billion).
Recent data published by the Central Bank showed that the total revenues from oil sales during the past six months amounted to 37 billion dinars, in addition to 7.1 billion dinars in oil royalty revenues, while revenues from the sale of fuel in the local market amounted to about 33 million dinars.
The Libyan economy depends mainly on oil revenues, which amounted to 99.1 billion Libyan dinars ($20.69 billion) last year, compared to 105.4 billion Libyan dinars in 2022, according to Central Bank data.
Libya, a member of OPEC, which possesses the largest oil reserves in Africa, has suffered over the past years from political and security turmoil that led to a decline in oil production to less than 700 thousand barrels per day in mid-2022, but despite this, production in the country has recovered to 1.2 million barrels per day later in the same year, and has maintained this level since then.
The Central Bank of Libya announced that the total public revenues of the Libyan state amounted to 45.055 billion dinars during the period from January 1 to June 30, 2024, including oil sales and royalties, taxes, customs, communications, and the sale of fuel in the local market, among others.
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