March 29, 2023

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The Libyan National Oil Corporation estimates that total oil sales in August were $ 1.9 billion

The Libyan National Oil Corporation estimates that total oil sales in August were $ 1.9 billion

© Reuters. Headquarters of the Libyan Oil Corporation in Tripoli – Photo from the Reuters Archive.

Cairo (Reuters) – Libya’s National Oil Corporation (IOC) has reported gross oil revenues of $ 1.9 billion in August, up from $ 2.1 billion in July.

That includes $ 1.8 billion in sales and $ 53 million in gas and condenser, the state-owned company said in a statement.

Net income for petroleum products was $ 53.3 million in August, while petrochemicals (SE 🙂 revenue was $ 3.1 million.

“Prices around the world are guaranteed to recover, and we must seize this opportunity to rebuild the oil sector,” Mustafa Chanallah, the company’s chairman, was quoted as saying.

The country has set a production target of 1.5 million barrels per day by the end of 2021.

Before the start of the civil war in 2011, Libya produced 1.6 million barrels a day, which damaged the oil sector and last year’s production dropped to at least 100,000 barrels.

(Produced by Mahmoud Salamah for the Arabic Newsletter)

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