By Sami Zaptia.
London, 26 October 2019:
Libya’s state National Oil Corporation (NOC) yesterday reported September 2019 revenues of approximately US$ 1.8 billion, a decrease of US$ 223 million (11 percent) compared with August, and an increase of US$ 150 million (9 percent) compared with September last year.
The NOC said the month-on-month revenue decrease is mostly attributable to a busy crude loading schedule at the end of September, with cargo receipts to be reflected in October’s revenue statement.
Commenting on the latest figures, NOC Chairman Mustafa Sanalla said “September saw significant oil market volatility – a stark reminder of the vulnerability of our industry to geopolitical events. Our strategy to increase production and upgrade storage capacity aims to support market stabilisation efforts. For example, we inaugurated a new tank at Ras Lanuf port in September, adding 500,000 barrel storage capacity that will help mitigate future emergencies.”
