Libya usually enjoys large budget surpluses thanks to oil export revenue but last year it ran an 8 billion-dinar deficit as a wave of protests cut into crude output. That civil strife has since spiraled into fighting that is close to civil war. In response to the economic crisis, the House of Representative plans to cut spending in the 2014 budget next week to 52 billion dinars from 64 billion dinars, Parliament will also slash its oil revenue forecast to 17 billion dinars from a previous estimate of 26 billion, he said. In the first six months there were almost no oil revenues, said Ansiya, who was the previous budget committee head before June elections for a new parliament. Oil production has increased to 800,000 barrels per day (bpd) but two months ago output was less than a quarter of that due to year-long protests at ports and technical problems at facilities that had stood idle.
Posted on: Thu, 25 Sep 2014 19:20:46 +0000
Trending Topics
Recently Viewed Topics
© 2015