Oil revenues in Libya amounted to almost ** billion U.S. dollars as of the third quarter of 2022. In the previous year, the annual oil revenue stood at around ** billion U.S. dollars. Previously, due to the impact of the coronavirus (COVID-19) pandemic, the revenue experienced a sharp decline in 2020, totaling *** billion U.S. dollars. Oil revenue in the country fluctuated in the period under review and peaked at roughly **** billion U.S. dollars in 2013.

Libya: Revenue minus production cost of oil, percent of GDP: The latest value from 2021 is 56.38 percent, an increase from 9.24 percent in 2020. In comparison, the world average is 2.69 percent, based on data from 181 countries. Historically, the average for Libya from 1990 to 2021 is 36.23 percent. The minimum value, 9.24 percent, was reached in 2020 while the maximum of 64.82 percent was recorded in 2008.

In the third quarter of 2022, oil revenues in Libya reached nearly *** billion U.S. dollars. This represented a decrease compared to the previous quarter, when revenue stood at around *** billion U.S. dollars. From 2013 onwards, oil revenue in the country fluctuated significantly and reached its lowest in 2020.

Crude Oil Production in Libya increased to 1367 BBL/D/1K in June from 1366 BBL/D/1K in May of 2025. This dataset provides the latest reported value for - Libya Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The exports of crude oil and petroleum products from Libya had a value of nearly ***** billion U.S. dollars in 2023. The export value of these commodities decreased compared to the previous year when it stood at approximately ***** billion U.S. dollars. In the years under review, the exports peaked at about **** billion U.S. dollars in 2008.

The average for 2021 based on 181 countries was 2.69 percent. The highest value was in Libya: 56.38 percent and the lowest value was in Antigua and Barbuda: 0 percent. The indicator is available from 1970 to 2021. Below is a chart for all countries where data are available.

The average share of GDP generated from oil rents in Libya was ***** percent in 2021. Between 1990 and 2021, the average share rose by ***** percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend.

The Libyan crude oil market fell sharply to $3.4B in 2024, declining by -50.9% against the previous year. Overall, consumption showed a precipitous setback. Crude oil consumption peaked at $59.7B in 2012; however, from 2013 to 2024, consumption failed to regain momentum.

As of 2020, Libya had the highest oil revenues as a share of Gross Domestic Product (GDP) in Africa. Revenues corresponded to nearly 53 percent of the country's GDP in that year. On the continent, Gabon and Chad followed with revenues from the oil sector reaching around 37 percent and 31 percent of the GDP, respectively.

The Libya Oil and Gas Upstream Market is poised for significant growth, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 5% from 2025 to 2033. This expansion is driven by several factors, including increasing global energy demand, particularly for natural gas, coupled with Libya's substantial untapped reserves. Government initiatives aimed at attracting foreign investment and modernizing the energy infrastructure further contribute to this positive outlook. While geopolitical instability and security concerns have historically hampered production, a potential stabilization of the political landscape could unlock considerable growth potential. The onshore segment currently dominates the market, benefiting from established infrastructure and easier access, but the offshore sector presents a significant opportunity for future expansion given the potential for large discoveries. Key players like Eni SpA, National Oil Corporation, PJSC Gazprom, BP PLC, and Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) SA are actively involved, shaping the competitive landscape and investing in exploration and production activities. However, challenges such as aging infrastructure, a need for technological upgrades, and regulatory hurdles remain potential restraints to accelerated growth. Successfully addressing these challenges will be crucial to fully realizing the market's growth trajectory. The market's projected value in 2025 serves as the base for the forecast. Considering a CAGR above 5%, a reasonable estimate for the market size in 2025, assuming a relatively large market size, could be around $10 billion (or $10,000 million). This valuation is plausible given the presence of major international players and Libya’s known reserves. Subsequent years would reflect a growth trajectory above 5% annually, leading to substantial market expansion throughout the forecast period. Market segmentation by location (onshore and offshore) reveals distinct investment trends and growth potentials. Onshore operations, currently dominant, are likely to witness steady growth, whereas the offshore sector presents higher growth potential in the long term, contingent on successful exploration and favorable investment conditions. This growth will depend significantly on the evolving political and security climate within Libya. Recent developments include: December 2022: Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production, assuring them security had begun to improve dramatically after clashes in April 2022., October 2022: Libya agreed with Italian company Eni and BP to begin extracting natural gas from a Mediterranean gas field. Eni will also invest USD 8 billion to develop natural gas fields in western Libya.. Notable trends are: Onshore to Dominate the Market.

The Gross Domestic Product (GDP) in Libya was worth 46.64 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Libya represents 0.04 percent of the world economy. This dataset provides the latest reported value for - Libya GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2024, the Libyan oil crops market increased by 0.1% to $46M, rising for the fifth consecutive year after three years of decline. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2024: its value increased at an average annual rate of +4.0% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +67.3% against 2019 indices.

The Libyan economy suffered from the impact of the coronavirus (COVID-19) pandemic. In 2020, the country's real Gross Domestic Product (GDP) declined dramatically by over ** percent. This was the sharpest GDP contraction in North Africa in that year. Nevertheless, projections made in December 2020 showed that the country's economy would recover in 2021 and 2022, with a positive growth of the GDP.

Worse decline than expected

According to previous estimates conducted by the same source, without the pandemic, the country’s GDP would have expanded by *** percent in 2020 and *** percent in 2021, respectively. Moreover, within the scenario that the pandemic continued until the end of 2020, the GDP growth was projected at minus **** percent. These calculations were made in *********. As displayed, projections have been subsequently updated, showing a significantly stronger impact of the coronavirus (COVID-19) crisis on the Libyan GDP, contrary to earlier estimates. This could be explained by the deteriorating health situation, with Libya being among the African countries with the highest number of confirmed cases since the beginning of the pandemic, as well as the impact of the outbreak on the country’s key sectors.

Economic impact of COVID-19

The coronavirus (COVID-19) spread rapidly in Libya and the health crisis impacted economic growth, already challenged by social and political instability and poor national security due to the Libyan conflict. Furthermore, the country’s economy is heavily reliant on oil, with oil rents accounting for over ** percent of the GDP in 2018. The global crisis due to COVID-19 determined a considerable fall in oil prices, undermining the profitability of the hydrocarbon sector. In 2020, oil exports from Libya fell dramatically by around ** percent compared to the previous year.

The Libyan olive oil market stood at $34M in 2024, growing by 5.4% against the previous year. In general, consumption, however, saw a slight descent. As a result, consumption reached the peak level of $48M. From 2018 to 2024, the growth of the market failed to regain momentum.

The Libyan market for crude oil and processed petroleum contracted dramatically to $10.1B in 2024, waning by -24.5% against the previous year. Over the period under review, consumption continues to indicate a deep downturn. Crude oil and processed petroleum consumption peaked at $67.6B in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

The average share of GDP generated from oil rents in Algeria increased by 5.4 percentage points (+59.73 percent) compared to the previous year. This was a significant increase in the average share. The estimates of natural resource rents are calculated as the difference between the price of a commodity and the average cost of producing it. For oil rents, this is estimated by subtracting the total costs of crude oil production from the value of production at regional prices.Find more key insights for the average share of GDP generated from oil rents in countries like Libya.

Merchandise imports by the reporting economy (current US$) in Libya was reported at 18195176003 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Libya - Merchandise imports by the reporting economy - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

In 2024, the Libyan refined coconut oil market increased by 3.8% to $44M, rising for the ninth year in a row after two years of decline. Over the period under review, the total consumption indicated a notable increase from 2012 to 2024: its value increased at an average annual rate of +4.6% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +106.8% against 2015 indices.

Merchandise imports by the reporting economy, residual (% of total merchandise imports) in Libya was reported at 0 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Libya - Merchandise imports by the reporting economy, residual (% of total merchandise imports) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

The Libyan market for petroleum lubricating oil and grease rose rapidly to $35M in 2024, growing by 6.8% against the previous year. Over the period under review, consumption showed a pronounced increase. Petroleum lubricating oil and grease consumption peaked at $38M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.