Libya's oil revenues hit decade high in May on Hormuz crisis windfall

Libya's state-run energy utility National Oil Corporation (NOC) registered its strongest monthly revenue performance in more than a decade in May 2026, as the Strait of Hormuz crisis pushed crude prices to elevated levels and handed the North African producer an unexpected windfall, AGBI reported on June 11. 

Oil revenues reached $3.76bn in May, a 33% month-on-month (m/m) increase from April's $2.83bn, which was itself nearly triple the $1bn reported in January and February. 

Oil export earnings stood at $1.7bn during January and February combined, a monthly average of around $850mn, data from the Central Bank of Libya showed. Libya's oil production totalled around 43mn barrels during May, or just under 1.4mn bpd, in line with recent averages, with the country’s share at around 32mn. 

NOC Chairman Masoud Suleiman attributed the positive result in part to new guidelines governing authority and delegation processes to streamline decision-making. The company also set a record in May by chartering 17 fuel tankers to transport gasoline to Libya, the highest number in its history.

Libya's export terminals on the Mediterranean coast are away from the Middle East crisis zone, making the country a valuable non-Hormuz supplier of light-sweet crude to European refiners during the disruption. Despite the revenue surge, fuel shortages persist domestically due to distribution and smuggling challenges.

Earlier, the NOC launched a strategic transformation plan aiming to increase crude oil production to 1.6mn barrels per day by the end of 2026, backed by targeted infrastructure investments of up to $4bn.