Libya's oil revenues rise 15% y/y to $21.9bn in 2025 on higher production

Libya’s National Oil Corporation (NOC) said the country’s oil revenues reached $21.9bn in 2025, marking a 15% year-on-year (y/y) increase, supported by the highest average production levels in a decade, according to a statement on January 4, cited by Asharq Al Awsat.

In the statement, the NOC said revenues included $3.268bn from royalties and taxes linked to concession contracts. It also confirmed that €71.36mn ($83.9m) was deposited into the Libyan sovereign account during 2025.

The state oil corporation noted that Libya recorded its highest average crude oil output over the past 10 years in 2025, with production averaging 1.374mn barrels per day. Total crude output for the year amounted to around 501mn barrels due to improved operational stability at key oilfields and export terminals. The recovery was supported by the launch of the first international licensing round in nearly two decades and the strategic return of global majors like BP and ExxonMobil, who signed new agreements for exploration and technical studies.

Oil remains Libya’s dominant source of state revenue and foreign currency earnings, making production and export performance critical to fiscal stability. The NOC said the stronger output and revenue figures will strengthen the sector’s capacity to support the economy, despite ongoing political and security challenges.

Sustaining production near current levels will be important for Libya to maintain revenue growth in 2026, particularly amid volatility in global oil prices and continued domestic uncertainty over budget management and revenue distribution.