Libya's lifeline oil and gas exports raised revenues of more than $21.5 billion in 2021, the highest level in five years, the National Oil Corporation announced Saturday. Total net revenues for oil and gas exports last year amounted to $21.5 billion as well as 30 million euros in non-dollar sales, the state-run NOC said in a statement. It said record levels were achieved in November and December, raising a combined $4.3 billion in the two last months of 2021. Since the 1970s, Libya which sits on the largest known oil reserves in Africa has been heavily dependent on revenues from its hydrocarbon exports. Oil production has recovered to 1.2 million barrels per day, as opposed to between 1.5 million and 1.6 million bpd before the NATO-backed uprising of 2011.

Source: Libya Today January 16, 2022 01:41 UTC