Oil revenue up in April – Al Marsad

Libya, 20 May 2019 – Libya earned $1.87 billion in April from sales of oil, gas and related products, according to the National Oil Corporation (NOC). The figure was up $340 million on the previous month, a rise of 22 percent, according to NOC. Sales for the first quarter of 2019 were worth a total $6.27 billion

The corporation attributed the April rise mainly to the increase in global oil prices as well as extra loadings at the end of March which were cleared in the April revenue statement.

Despite the increase, NOC chairman Mustafa Sanalla warned that it may not continue.

“The situation, however, remains extremely volatile. Protracted conflict will undoubtedly disrupt national operations, either directly, or via a security vacuum that extremists take advantage of – as demonstrated by the Zellah terrorist attack.”

Calling for an immediate ceasefire in the fighting around Tripoli, he said that NOC was now experiencing logistical difficulties regarding supplies and the ability to rotate shift workers. The corporation was not party to the conflict, he insisted, and warned against any attempt to export oil without the NOC’s authorisation. The income, he added, had to be paid to the Central Bank of Libya in Tripoli.

Sanalla was in Jeddah, Saudi Arabia, on Sunday for OPEC’s Joint Ministerial Committee, the main focus of which was to monitor the reduction of production among OPEC countries and allied producers outside the cartel.

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