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Libya’s oil revenue increases to $2.78 billion in October: NOC

Libya’s National Oil Corporation (NOC) said October revenue from crude oil and derived products sales reached $2.87 billion – the highest monthly income since the beginning of 2018, marking an increase of 73% or $1.21 billion compared to September.

In a statement released on Friday, the NOC explained this month’s income was supported by the sales of crude oil shipments recently concluded and was added to the October’s revenue.

The NOC also expected its total income will reach $23.7 billion in 2018, a projected increase of 73% from last year.

“The NOC continues to maintain stable production, irrespective of ongoing national challenges, thanks to the dedication of its staff. Increased revenue deposits to the Central Bank of Libya demand further transparency from state actors on allocated budgets and spend across the country,” said the NOC’s chairperson Mustafa Sanalla.

Meanwhile, the NOC announced that Libya’s oil exports to China this year increased to $3.5 billion so far, compared to $1.7 billion in 2017.

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