Petroleum Africa
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Monday, January 8, 2018
2017 was a better year for Libya all around. While the country still experienced more than its fair share of security and political issues, it was able to turn the corner on crude production allowing for a much-needed boost to the budget.
The government saw $14 billion in revenues earned from oil revenues, more than triple what was seen from the industry in 2016. The significant boost in revenues allowed for the government to halve its budget deficit, according to its central bank. In 2016 its deficit stood at 20.3 billion dinars, but saw a drastic drop in 2017 coming in at 10.6 billion dinars.
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