Libya: Oil Income Slips

Libya’s oil revenue in the first quarter of 2014 was “less than $4bn,” Acting Oil Minister ‘Umar Shakmak says. This implies average oil exports of around 400,000 b/d.

The minister is optimistic that production can be quickly raised to 1.4mn b/d – implying quarterly revenue of around $13bn if strikes come to a halt. This figure is in line with the overall size of Libya’s 2014 budget (LD68.6Bbn or $56bn). Oil and gas exports provide over 95% of revenue.

Some Libyan officials see a need to slash the 2014 budget. The head of the budget committee in parliament told Reuters on 20 April that parliament was proposing to cut the draft budget by one-third to LD44bn ($36bn) because of the fall in oil revenue. (CONTINUED - 373 WORDS)