THE Libyan national oil company’s budget has been reduced by 40% because of lower crude oil prices and international sanctions, an industry journal reported on Monday. The National Oil Corporation budget for 1999 was $500-million, a steep drop from the previous year’s budget of $850-million, the weekly Middle East Economic Survey said. The newsletter attributes the lower budget to weaker oil prices, which reached $10 a barrel in January, compared to an average $12,28 a barrel in 1998.