Libya to Benefit from Global Oil Price Surge
Speaking to local media, Al-Rumaih noted that ongoing instability in the Middle East could lead to a sustained increase in Brent crude prices. He stated, 'If current geopolitical tensions persist, we may see Brent surpass $100 soon.'
Such a development, he added, would have a positive impact on Libya's state finances, with oil being the country's primary source of income. 'Higher oil prices will directly translate into improved revenue streams for Libya, supporting both economic recovery and financial stability,' Al-Rumaih said.
He further projected that Libya's oil revenues could exceed $20 billion in the remaining months of the year, provided prices stay above the $100 threshold. This would represent a considerable boost to the national economy, which continues to grapple with the effects of years of conflict and political fragmentation.
Libya, a member of the Organisation of the Petroleum Exporting Countries (OPEC), has struggled with production disruptions in recent years. However, the country has recently stabilised its output at around 1.2 million barrels per day.
The union chief also urged the government and relevant institutions to prepare for the potential windfall by ensuring transparency and prudent fiscal management. He called for reinvestment in infrastructure, timely salary payments, and improvements in workers' conditions within the oil sector.
As global markets react to the evolving situation in the Middle East, Libya could find itself in a favourable position, provided it maintains production levels and capitalises on high prices. Tags: BrentCrude OilIranlibyaoil
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