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The main source of Libya’s national income is oil. Oil has been the cornerstone of Libya's economy since its discovery in the 1950s, and it continues to dominate the country’s revenue streams. Libya possesses some of the largest proven Libya Phone Number List oil reserves in Africa and the world, primarily located in the desert regions of the country. Oil exports account for about 95% of Libya's total revenue, making it highly dependent on the global oil market.

Libya's oil is especially valuable due to its high quality. The country's oil is relatively easy and inexpensive to extract, and it is a light, sweet crude, making it ideal for refining into gasoline, diesel, and other products. The country exports most of its oil to Europe, particularly to Italy, Germany, and France, as well as to Asia. The oil industry is controlled by the state-run National Oil Corporation (NOC), which oversees exploration, extraction, and distribution.

The revenues generated by oil exports are vital for Libya's public sector, infrastructure, and social services, including healthcare and education. The government uses oil income to fund the salaries of public employees and to maintain subsidies on essential goods like food and fuel. Oil revenues have also been crucial for Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), although the country has faced challenges in managing and protecting these assets due to political instability.



In addition to oil, natural gas is another important source of revenue. Libya has significant natural gas reserves, and it exports gas primarily to Europe. However, natural gas exports contribute a smaller proportion of national income compared to oil.

Due to its heavy reliance on oil, Libya’s economy is vulnerable to fluctuations in global oil prices, and disruptions in oil production, often caused by political instability and conflict, have periodically hindered the country’s economic performance.
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Libya Phone Number List

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