Libya increases oil production and revenues from the sale of petroleum products for the second month in a row

The growth in oil production and the increase in sales of petroleum products make it possible to count on an early return of stability to the oil industry in Libya.

According to the Libyan National Petroleum Corporation (NOC), in October 2021, under the sanctions of the UN Security Council, Libya earned $ 1.9 billion from oil sales. This revenue is recorded for the second month in a row, on the basis of which the state company recently announced the return of stability to the country's oil sector and an optimistic future for the Libyan economy.

The optimistic attitude of the integrated state oil and gas company regarding the country's economy allows counting on the revival of the aviation industry in Libya. As for passenger air transportation, Malta and Egypt have already restored flights with Libya in 2021, and France and Morocco announced their intention to resume air flights to Libya in the very near future. With air cargo transportation to Libya, things are not so rosy. It is not yet clear when this part of the market will begin to recover and when the situation in Libya will finally stabilize. Therefore, the private Ukrainian airline ZetAvia will consider the possibility of operating commercial flights to Libya only after the UN Security Council sanctions are lifted from Libya.

It should be noted that at the end of October this year it became known that the audit giant Deloitte will audit the oil sector of Libya. Two large-scale studies will cost customers almost $ 1 million. The contracts provide for the study of the activities of the NOC corporation and the study of the hydrocarbon sector of the North African state.

The blockade on Libya's oil infrastructure was lifted in the fall of 2020, after which NOC began to increase oil production. Libya was able to quickly restore production, despite the deplorable state of the oil industry due to prolonged downtime and hostilities.

Tags: libya; petroleum; zetavia; economy