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Libya Review
23-06-2025
- Business
- Libya Review
Libya to Benefit from Global Oil Price Surge
The head of Libya's General Union of Oil Workers, Salem Al-Rumaih, has forecast a significant rise in the country's oil revenues if regional tensions continue to push crude prices above the $100-per-barrel mark. 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
Libyan Express
23-06-2025
- Business
- Libyan Express
Brent price rise could pump $20bn into Libya
BY Libyan Express Jun 23, 2025 - 05:42 Libya stands to benefit from oil market shocks The head of Libya's General Union of Oil Workers, Salem Al-Remih, has cautioned that ongoing tensions in the Middle East could drive Brent crude prices above the $100-per-barrel mark in the near future — a shift that could carry significant economic implications for Libya. Speaking amid renewed regional instability, Al-Remih said a sustained increase in oil prices would offer a substantial boost to Libya's public finances. 'If current geopolitical tensions continue, we could see Brent comfortably exceed $100 a barrel, which would provide a much-needed uplift for the country's revenue,' he remarked. He went on to predict that national oil income could surpass $20 billion during the remaining months of the year, assuming prices remain elevated. The forecast comes at a pivotal moment for Libya, where hopes of economic recovery continue to rest heavily on the performance of the oil sector — the backbone of the national economy. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
