Libya’s Oil Revenue Could Surge $20 Billion as Middle East Tensions Drive Brent Crude Past $100
Oil industry leaders are warning that escalating Middle East tensions could propel Brent crude prices beyond the $100-per-barrel threshold, potentially delivering a massive financial windfall to Libya’s struggling economy. Salem Al-Remih, head of Libya’s General Union of Oil Workers, predicts that sustained high oil prices could pump more than $20 billion into the country’s coffers during the remaining months of this year alone.
The forecast comes as regional instability continues to rattle global energy markets, with investors increasingly concerned about potential supply disruptions. For Libya, where oil revenues form the backbone of the national economy, such price increases would provide a crucial lifeline for public finances that have been severely strained by years of political turmoil and production disruptions.
Al-Remih emphasized that the country stands to benefit significantly if current geopolitical tensions persist, stating that elevated prices would offer “a much-needed uplift for the country’s revenue.” The potential windfall represents a rare bright spot for Libya’s economy, which remains heavily dependent on hydrocarbon exports amid ongoing political fragmentation.
Source: libyanexpress.com