The National Oil Corporation announced a significant increase in the cost of imported fuel in April 2026, reaching $917 million, compared to $586 million during the same period last year; an increase of $331 million. The corporation attributed this rise to higher global prices and increased import volumes.
In its statement on discrepancies in oil revenues, the corporation explained that all oil revenues are deposited with the Libyan Foreign Bank, which in turn transfers them to the Central Bank of Libya after deducting the value of letters of credit allocated to fuel suppliers. This comes under a financial mechanism implemented since February 2026, aimed at enhancing transparency and strengthening resource management.
The corporation also noted that the barter system has been suspended since March 2025, pointing out that fuel imports in April last year were covered by in-kind guarantees worth $586.9 million, in the absence of an approved budget at the time.
On an annual comparison, oil exports in March 2026 reached approximately 27.1 million barrels, generating revenues of $2.827 billion, compared to 29.7 million barrels in March 2025 with revenues of $2.118 billion. Despite a drop in export volumes due to a fire at the Sharara field pipeline, revenues recorded a notable increase of $709 million, driven by rising global prices.
Regarding production data, total crude oil output in April 2026 reached about 41.6 million barrels, including 35.1 million barrels as the Libyan state’s share and 5.95 million barrels as partners’ share. Exportable quantities, including accumulated stock, stood at around 30.8 million barrels.
The corporation stated that approximately 3.98 million barrels were directed for refining purposes, while about 311,000 barrels were allocated to supply power generation plants. The average Brent crude price stood at around $103.8 per barrel.
In the gas sector, total production reached approximately 62.7 billion cubic feet, of which 59.8 billion cubic feet were available for consumption. About 40.9 billion cubic feet were utilized, while 13.6 billion cubic feet were recorded as sour and low-pressure gas.
As for revenues, the corporation revealed that total proceeds collected and transferred to the sovereign account at the Libyan Foreign Bank amounted to $2.83 billion, with a net $1.91 billion to be transferred to the Central Bank of Libya after deducting fuel import credits.
