Libyan oil revenues plunge as protests hurt output

The minister said revenues fell back to $13 billion for the second half of 2013 due to the blockade since July

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Libya’s vital oil revenues fell far short of expectations in 2013, reaching just $40 billion after protesters shut down production at key sites in the east of the country.

"Oil revenues reached slightly more than $40 billion, about 20 percent less than the $50 billion expected," Deputy Minister for Oil and Gas, Omar Chakmak told national television.

The minister said revenues were above expectations in the first half of the year, reaching $27 billion but fell back to $13 billion for the second half due to the blockade since July.

The crisis erupted in July, when security guards at key oil terminals shut them down, accusing the authorities of corruption and demanding a more equitable distribution of oil revenues.

The security guards later sided with campaigners for autonomy for Cyrenaica, a region in the east, further escalating the dispute.

Libya is almost fully dependent on its oil revenues, which make up about 96 percent of the country’s output.

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