Introduction

The Central Bank of Libya said Thursday that Libya’s total oil revenues stood at 33.4 billion dinars ($6.95 billion) in the first half of 2023, compared to 37.3 billion dinars in the same period last year.

It is worth noting that the Central Bank of Libya said that oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022 from 103.4 billion dinars in 2021.

Allocation to National Oil Corporation

The central bank said it had allocated 34.4 billion dinars to the National Oil Corporation as part of “emergency and temporary financial measures.”

The National Oil Corporation is the only legitimate oil producer in the country, and all of its oil export revenues pass through the Central Bank of Libya to fund the public sector. The headquarters of the institution and the Bank of Libya are located in Tripoli.