Libya Crude Export Revenue Set For Six-Year High

Libya is set to net $25.4bn in 2018 on the back of higher oil prices. Its energy sector is in need of a cash injection to maintain output, but this is far from guaranteed.

Libya is on track to clock a six-year high $25.4bn from crude exports for 2018 if it can keep up the 1.2mn b/d exports it managed in October whilst prices stabilize at current levels.

These gross revenue figures are based on MEES estimates of Libya output and exports as well as prevailing international prices for Libya’s key Es Sider export grade.

In reality the revenues bagged by Tripoli are probably substantially lower given the likely need to discount crude sales to compensate for erratic loading dates ( MEES, 7 September ).

MEES calculations of gross revenue of $17.6bn for the first nine months of 2018 do not thus appear out of line with official figures from Libya’s National Oil Corporation (NOC) released last week. These showed that NOC bagged a total of $16.90bn in revenue for 9M18 of which $14.75bn came from crude export sales (see chart 1). (CONTINUED - 832 WORDS)

DATA INSIDE THIS ARTICLE

chart 1: NOC Revenues 9m 2018 ($Bn): Crude Exports Accounted For 87% Of Total Takings
chart 2: Libya Crude Export Earnings* Are On Track To Hit A Six-Year High Of $25.4bn This Year With Volumes Set For A Post-Revolution High
chart 3: Italy Gas Imports From Libya Topped 600mn CFD In October For First Time Since Late-2015 With Boost From Start-Up Of Bahr Essalam Phase-2 (Mn Cfd)