On 27 March, the National Oil Corporation (NOC) reported that revenues from sales of crude and derived productions amounted to 1.26 billion USD for February 2019. This is a reduction of over 330 million US dollars from January – a 21 percent month-on-month decrease. The NOC attributes the reduction to poor weather conditions which disrupted loadings from Sidra port, in addition to the closure of Sharara oilfield during that period. Libya’s oil production and subsequent revenue remains vulnerable to disruption by insecurity, blockades and facility closures.
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Oil revenues down 21% in February