Libya’s oil and gas revenues expected to reach record high in 2022

Ecomnews Med, a website specialized in economic affairs in the Mediterranean, has expected achieving a record level of oil and gas revenues in Libya by the end of this year, reaching $37 billion.

In a context of rising oil and gas prices, a 36% increase in revenues is expected in 2022 compared to 2021, while the average production fell from 1.18 million barrels per day (bpd) to 1.02 million bpd due to the three months of oil blockade between April and July 2022, Ecomnews Med said in a report on Saturday.The website indicated that these forecasts assume that the current production level will be maintained until the end of the year, around 1.2 million bpd, pointing out that if the global oil market price continues above $90 a barrel, this will allow Libya to exceed $100 per barrel on average this year, the highest level since 2013.