File - Pipelines are seen at the Zueitina oil terminal in Zueitina, west of Benghazi April 7, 2014. (REUTERS/Esam Omran Al-Fetori)
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Libya's parliament approved the overdue 2014 budget worth $47 billion Sunday, drawing on reserves to offset a dramatic loss of oil revenue after almost a year of protests at major ports.Oil revenue typically makes up 95 percent of the budget in the absence of a sizable non-oil industry. However, relying on oil revenue of 26 billion dinars sounds optimistic as Libya only made 4 billion in the first four months of the year, a quarter of what it usually makes.While Libya's eastern Hariga oil port reopened Sunday and the western Al-Feel oil field ramped up output, lifting national production to 270,000 barrels a day, the central bank could be forced to dip into its foreign reserves to fund the budget.National Oil Corp. said Hariga port received a first tanker loading 750,000 barrels of oil Saturday and a second was expected Sunday to load 600,000 barrels of oil.
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