Libya – Libya’s oil export revenues rose in May, driven by higher global crude prices, according to an economic report published by the Gulf Business Vision website. The report highlighted that Libya benefited from the surge in prices following the crisis in the Strait of Hormuz, which was triggered by the conflict involving Iran. The average price of oil reached $120 per barrel in April, nearly double its value before the strait was closed.
The report stated that this increase pushed Libya’s revenues to $3.4 billion, as the country exported 43 million barrels during the month—slightly less than 1.4 million barrels per day.
Oil sales account for more than 90% of Libya’s national income. About 70% of Libya’s crude oil production is exported to countries including Italy, Germany, Spain, France, and China.
The report also noted that oil exports have experienced fluctuations due to disruptions at export ports and oil fields, a result of ongoing political instability.