Libya · Oil
Key Facts
- What happened Libya’s state oil company said US$3.12 billion in oil revenue reached the state’s sovereign account in October.
- How big Crude output was 43.47 million barrels, about 1.4 million a day, up 8% from September’s 40.23 million.
- Where the money goes Fuel-import bills are deducted from that money before the central bank receives the balance.
- The catch In mid-October the central bank counted US$361 million received; the oil company counted US$1.23 billion sent.
- Who gets it Royalties and taxes of 2.69 billion dinars (about US$420 million) are due to the Ministry of Oil.
- What comes next The oil company published September’s and October’s figures in each month’s first week; November’s are expected early December.
Libya’s state oil company says US$3.12 billion in oil money reached the state’s sovereign account in October, up from US$2.86 billion in September. The figure matters to oil traders because Libya pumps about 1.4 million barrels a day, and to Libyans because part of it pays for imported fuel.
What Libya’s Oil Company Reported
The National Oil Corporation, Libya’s state oil company, said the country produced 43.47 million barrels of crude in October. That works out at about 1.4 million barrels a day, up from 40.23 million barrels in September, a rise of about 8%.
Libya’s own share was 34.61 million barrels, while 7.48 million barrels went to foreign partners that run fields with the state. Another 6.29 million barrels were available for export at the end of the month, the corporation said.
Out of the state’s share, about 30 million barrels were allocated for export and 4.29 million barrels went to Libyan refineries. Around 282,900 barrels were supplied to power stations.
Natural gas output reached about 77.8 billion cubic feet, of which 75.98 billion cubic feet was available for consumption. The corporation said 56.79 billion cubic feet was actually used.
Where the Dollars Go
The corporation said US$3.12 billion was transferred in October to Libya’s sovereign account at the Libyan Foreign Bank, an affiliate of the Central Bank of Libya. In September the same transfer was US$2.86 billion, so the October figure is about 9% higher.
Royalties and taxes from concession agreements, which are payable to the Ministry of Oil, came to 2.69 billion Libyan dinars. At the Central Bank of Libya’s rate of 5 November 2026, between 6.3859 and 6.418 dinars to the US dollar (midpoint 6.402), that is about US$420 million.
The corporation explained that revenue collected in October from September exports was enough to cover fuel-import credits arranged through the Libyan Foreign Bank. Those credits are bank guarantees that pay foreign suppliers of petrol and diesel, and the arrangement follows Cabinet Resolution No. 525 of 2026.
Whatever is left after the fuel bills is to be transferred to the Central Bank of Libya, the corporation said. In its October statement the corporation cited the UN envoy’s 14 October briefing to the Security Council, which highlighted the strain that Libya’s fuel subsidy system puts on public finances.
A Dispute Over What Reached the Central Bank
The October figures arrive after a public disagreement in the middle of the month. The Central Bank of Libya said it had received only about US$361 million from the oil corporation between the start of October and 14 October.
The corporation replied that it had sent US$1,231,631,354.16 to the sovereign account at the Libyan Foreign Bank by 13 October. It said the central bank’s figure showed only the balance left after fuel-import credits were deducted, and that the central bank was holding back approved budgets that the corporation needs.
The corporation said its figure covered the full amount sent, and that the central bank’s figure was the part left over.
Prices Behind the Numbers
The US Energy Information Administration, a federal statistics agency, shows Brent, the global oil benchmark, at US$107.03 on Tuesday, 3 November. The corporation’s statement ties October’s cash to September exports.
Future transfers will depend on both the volume Libya exports and the price oil fetches.
What It Means for US Readers
Libya’s output of about 1.4 million barrels a day is a closely watched part of world supply. Brent, the global benchmark, also influences fuel prices in the United States.
Oil traders and investors should watch the dispute between the oil corporation and the central bank. The corporation itself warns that held-back budgets hinder maintenance and the work needed to keep production stable.
The figures also show how much Libyan oil income is claimed by fuel imports before it reaches the central bank. That is why foreign firms and lenders dealing with Libya need to know which institution actually holds the dollars.
What Is Not Known
The corporation has not said how much of the US$3.12 billion was used for fuel-import credits and how much went on to the central bank. The Central Bank of Libya can say what it received, and the corporation’s November figures, expected in early December, may show the split.
Frequently Asked Questions
How much oil did Libya produce in October?
Libya’s National Oil Corporation reported 43.47 million barrels of crude, about 1.4 million barrels a day. The corporation gave the state’s share as 34.61 million barrels and the partners’ share as 7.48 million.
How much money did Libya earn from oil?
The corporation said US$3.12 billion was transferred to the sovereign account at the Libyan Foreign Bank in October. Royalties and taxes of 2.69 billion dinars (about US$420 million) are payable separately to the Ministry of Oil.
What is the Libyan Foreign Bank?
It is an affiliate of the Central Bank of Libya that holds the sovereign account into which oil revenue is paid. The oil corporation says it also handles letters of credit for fuel imports.
Why do the oil company and the central bank disagree?
In mid-October the central bank said it had received about US$361 million, while the oil corporation said it had sent US$1.23 billion by 13 October. The corporation says the gap reflects fuel-import credits deducted before the balance goes to the central bank.
What exchange rate does this article use?
The Central Bank of Libya’s rate of 5 November 2026 was 6.3859 dinars to the dollar to buy and 6.418 to sell. This article uses the midpoint, 6.402, so 1 billion dinars equals about US$156 million.
Sources: National Oil Corporation of Libya, monthly production and revenue statement for October 2026; National Oil Corporation, clarification statement on oil revenues, October 2026; Central Bank of Libya, exchange rates for 5 November 2026; US Energy Information Administration, Europe Brent spot price. Conversions use the Central Bank of Libya rate of 5 November 2026 (midpoint 6.402 dinars per US dollar).
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error