Gulf Oil and Gas accountACCOUNT

Libya's Budget Income Falls Sharply as Oil Prices Plunge

Source: Reuters 12/9/2014, Location: Africa

Libya's budget income fell to around $15 billion in the period from January to November from $45 billion a year before, the central bank said on Monday.

In a statement, it blamed the 40 percent fall in oil prices since June and the state's inability to collect customs duties.

Expenditure in the period was 38.5 billion Libyan dinars ($30 billion). The bank warned the tumble in income was affecting foreign currency reserves, which it has used in the past to cover deficits, but did not elaborate.

Reserves were around $109 billion at the end of June, according to the most recent data.

The central bank has tried to stay out of a political struggle between two rival factions threatening to tear apart the OPEC member country three years after the fall of autocrat Muammar Gaddafi.

Libya has two governments and parliaments since a group called Libya Dawn seized the capital, setting up its own cabinet and forcing the recognized prime minister to move to the east.

Mostly comprising salaries for civil servants and subsidies for wheat and other basics, budget spending is hard to cut.

Expenditure on salaries stood at 21.1 billion dinars in January-November, while subsidies made up 12.7 billion dinars, the central bank said.

For more information about related Opportunities and Key Players visit Libya Oil and Gas Projects

Investment News in Libya >>

Azerbaijan >>  4/19/2019 - Equinor and eight partners in the offshore Azeri Chirag Gunashli (ACG) oilfield in the Caspian Sea have made a USD 6 billion investment decision to bu...
Russia >>  4/19/2019 - The Gazprom Neft Board of Directors has reviewed information on the company’s budgetary and investment programme performance in 2018. ...

United Kingdom >>  4/12/2019 - Independent global completions service company Tendeka has more than doubled its work in the UK offshore sector over the past 12 months. The growth in...
Canada >>  4/10/2019 - Africa Oil Corp. had acquired 4,752,850 common shares of Eco (Atlantic) Oil and Gas Ltd. ("Eco") for US$1.05 per common share for a total consideratio...

Saudi Arabia >>  4/9/2019 - Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking v...
United Kingdom >>  4/7/2019 - The offshore market is set for a bumper year with 83 greenfield FIDs expected, totalling $115 billion in infrastructure, equipment & associated drilli...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Libya Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.