The Libyan National Oil Company (NOC) announced net income of 21.5 billion dollars in exports during the year 2021, a figure that had not been reached in the last six years. Hydrocarbons are a vital sector for Libya’s finances, but are often disrupted by political instability in the country. “Driven by rising prices” in international markets, “net income during November and December 2021 alone obtained from sales of crude oil, gas and other derivatives reached a record level of 4.3 billion dollars,” NOC said in an email. Its economy has been buffeted by deep divisions between rival factions in the east and west of the country. Oil installations are also the target of attacks or are blocked by armed groups in order to put pressure on one field or another.

Source: Libya Today January 15, 2022 20:20 UTC