According to the Central Bank of Libya, the country’s oil revenues in 2023 amounted to 111.4 billion Libyan dinars, which is approximately 23.3 billion U.S. dollars. 99.1 billion dinars of the total oil revenues came from oil sales, while 12.3 billion dinars were generated from oil royalties.
The central bank also stated that the total public revenues in 2023 were 125.9 billion dinars, with expenditures amounting to 125.7 billion dinars. This indicates a very narrow margin between the revenues and expenditures of the country for that year.
In comparison, the revenues of Libya in 2022 were 134.4 billion dinars, while expenditures stood at 127.9 billion dinars. This shows that the country’s revenues in 2023 have decreased compared to the previous year, but the expenditures have also decreased, resulting in a similar margin between the two years.
The oil and gas sector has historically been a significant source of national revenues for Libya. However, it has been heavily impacted by the armed conflict and the closures of oil fields and ports over the past few years. Despite its potential, the sector has faced many challenges that have affected its performance and contribution to the country’s economy.
