Libya’s stakeholders say optimism prevails amid significant increases in Brent crude prices, surpassing $90 per barrel. These developments offer a glimmer of hope for the recovery of Libya’s economy.
Economic expert Atiya Al-Fitouri said that Libya’s oil production recovery is accompanied by a global rise in oil prices, reaching around $91 per barrel, emphasizing the importance of leveraging these revenues.
Al-Fitouri called for abolishing the dollar tax, citing recent and optimistic economic forecasts.
Libya’s economy heavily relies on a single commodity, namely oil. A global rise in oil prices would result in a substantial increase in Libya’s foreign currency revenue, the expert explains.
Meanwhile, Abdelhadi Al-Aswad, an economics professor at Libyan universities, emphasized the importance of approving a general budget for 2024 and exploring new opportunities in the oil and gas sector to boost production.
He also highlighted that Libya requires a price of $100 per barrel to generate a revenue surplus, thereby ensuring economic stability and bolstering the purchasing power of the dinar.
Analysts also suggested that oil prices may continue their ascent to $100 per barrel as the global oil market appears to be approaching a state similar to that of 2023.
For decades, Libya has relied on oil and gas as a primary source of income, with energy exports constituting 96% of total exports and funding approximately 95% of the state budget.
