The Hormuz crisis is generating revenue windfalls for those producers outside of the Gulf able to capitalize in full on the price increases. Libya is one such producer. With the North African producer exporting close to post-revolution highs, oil export revenues increased to their highest level in a decade last month.
NOC figures released on 2 June show that oil revenues reached $3.76bn in May, a 33% month-on-month increase from April’s $2.83bn, which was already nearly triple the $1bn reported in January and February; the last months before the Middle East conflict erupted (MEES, 8 May). (CONTINUED - 788 WORDS)
