Libya’s Oil Revenues Reach $6B in Q1 2024

Libya’s oil revenues have reached $6 billion in the first quarter of 2024 – with an expected annual revenue of $25 billion – according to Libyan Deputy Minister of Economy and Trade Suhail Bushiha.

This compares to year-on-year oil revenues in 2023 of $20.69 billion.

Libya plans to increase its oil production to 1.4 million barrels per day (bpd) in 2024 and 2 million bpd by 2026. To achieve this, the North African producer is accelerating oil and gas exploration drilling, allocating $18 billion for investment in this sector.

Minister Bushiha also reported a more than 35% growth in the Libyan private sector in 2023 compared to 2021. He noted an increase in the number of foreign companies operating in the country, representing over 55 nationalities.