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Khalifa Haftar, the de facto ruler of Libya’s eastern region, called for an equitable distribution of oil revenues and set an end-of-August deadline for this to be achieved. He hinted at repercussions in the absence of non-fulfillment of that action. Such threats he had given earlier also.
Khalifa Haftar, the de facto ruler of Libya’s eastern region, called for an equitable distribution of oil revenues and set an end-of-August deadline for this to be achieved. He hinted at repercussions in the absence of non-fulfillment of that action. Such threats he had given earlier also.
Haftar urged the creation of a commission responsible for putting in place financial arrangements while addressing his troops in Rajma (25 km east of Benghazi) in his headquarters. Oil revenues, the country’s main source of income, is often at the heart of disputes between the two warring camps. The revenues from oil are managed by the National Oil Company and the Central Bank, based in Tripoli. Importantly, the North African country’s oil revenue rose to US$22.01 billion in 2022. Libya is home to Africa’s largest oil reserves.
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Libya produces 1.2 million barrels of crude oil per day. The majority of Libyan oil exports are to European countries, such as Italy (495,000 bpd), Germany (253,000 bpd), Spain (113,000 bpd), and France (87,000 bpd). Since 2011, the country has been rocked by divisions between the East and West where parallel governments are based. The UN only recognizes the Tripoli-based administration. It is aiming to reach a crude oil target of 2 million barrels a day by 2027.
