Libya’s oil revenues in 2023 amounted to $20.7 billion

Libya’s oil revenues fell 6% to 99.1 billion Libyan dinars ($20.7 billion) in 2023, compared to 105.4 billion dinars ($22 billion) in 2022, the Central Bank of Libya announced on Sunday.

According to the bank’s revenue and expense data, crude oil revenues accounted for 79% of total revenues of 125.91 billion dinars ($26.4 billion).

Other revenues are distributed between tax and customs revenues, revenues from the telecommunications sector, revenues from sales of fuel derivatives in the local market, and others, according to the central bank.

The total state fiscal spending last year amounted to 125.7 billion dinars ($26.1 billion), meaning that Libya did not record any fiscal deficit in 2023.

Libya is a member of the Organization of the Petroleum Exporting Countries (OPEC), produces an average of 1.3 million barrels per day and has a medium-term plan to increase production to 2 million barrels per day.