Crisis in Hormuz: Which Country Earned Billions in Oil Revenue This Month

The National Oil Corporation of Libya (NOC) announced on Monday that the country produced 41.71 million barrels of crude oil during July 2026. With an average barrel price of $85.4, the oil revenues collected and transferred to the state account exceeded $2.26 billion.

When reviewing data from January of this year, prior to the start of Operation "Lion's Roar," the scale of the economic windfall for Libya becomes clear. Data published by the NOC in Tripoli showed that oil revenues collected and transferred to the state account that month totaled just over $1 billion—less than half of the revenue generated last month.

For comparison, approximately 32.35 million barrels of oil were available for export from Libya this month, compared to less than 2 million barrels produced by Kuwait, the fifth-largest producer in OPEC. Kuwait's revenue from oil sales in the reported month was approximately $167 million, representing an increase of nearly 20% compared to June.

The Libyan economy is almost entirely dependent on the oil and gas sector. According to data from the NOC and the World Bank, this sector has accounted for more than 90% of foreign currency revenues, about 95% of export earnings, and nearly 60% of the Gross Domestic Product (GDP) in recent years.

This dependency makes the performance of the oil sector the most influential factor for the public treasury and exchange rate stability. Consequently, while sharp price volatility affects the global economy due to the crisis in the Strait of Hormuz—which has not operated normally for nearly six months—Libya appears to be the primary beneficiary of the situation.