Tripoli, December 31, 2025 – A new report from the Audit Bureau has noted a decline in total recorded oil revenues for the year 2024 by approximately 31.8 billion Libyan dinars compared to the 2023 fiscal year.
The Bureau’s annual report for 2024, issued on Wednesday, clarified that oil resources, taxes, and royalties amounted to 89,810,095,217 dinars in 2024, compared to 121,692,316,581 dinars, representing a change rate of 26%.
The data reflects a decrease in the contribution of oil resources to financing the state’s general budget from 97% in previous years to 76%. Of this, 51% was recorded in the accounts and 25% was unrecorded during 2024.
The Audit Bureau’s report addressed the expenditures and budget of the Oil Corporation in 2024, indicating that the total transfers from the Ministries of Planning and Finance to the Oil Corporation amounted to 7,655,000,000 dinars, while the Corporation’s expenditures during the year reached 21,822,000,000 dinars. The total quantity of crude oil produced was 415,664 barrels, along with 18,000 barrels of condensates and 911 billion cubic feet of natural gas.
Tripoli
Tripoli is the capital and largest city of Libya, with a history dating back to the 7th century BC when it was founded by the Phoenicians. It later became a significant part of the Roman Empire, the Ottoman Empire, and an Italian colony, which is reflected in its diverse architecture, such as the historic Medina and the Red Castle (Assai al-Hamra).
Audit Bureau
The Audit Bureau is an independent government institution responsible for overseeing and auditing public finances to ensure transparency and accountability. Its history typically involves establishment through national legislation, often evolving from earlier financial oversight bodies to meet modern governance standards.
Oil Corporation
The Oil Corporation is a fictional or generic term often used to represent large-scale petroleum companies, which historically emerged in the late 19th and early 20th centuries with the rise of the global oil industry. These entities have played a central role in shaping modern energy infrastructure, geopolitics, and economic development worldwide.
Ministries of Planning and Finance
The Ministries of Planning and Finance in Iraq are two distinct but historically linked government bodies responsible for economic policy and budgeting. They were originally combined as a single ministry following the country’s independence but were later separated into two entities to specialize in national development planning and fiscal management, respectively. Their roles have been central to Iraq’s economic direction through various political changes.
