Libya’s Oil Revenue Takes A Beating

Libya’s oil revenue took a beating in the first half of 2019, according to its central bank as reported by Reuters. In the first six months of the year, Libya’s oil revenues were down 11.2% from the same period in 2018, the data shows, falling to $10.2 billion in H1. Like most OPEC members, oil is the backbone of the Libyan economy, representing 92.8% of its total income in H1. Despite the sagging revenue, oil production in the first two quarters of 2019 was higher than in 2018, according to OPEC secondary sources found in its Monthly…