Libyan oil export hiatus costs US$1.3 billion losses

petroleum revenue
oil money

Libya’s National Oil Corporation (NOC) on Tuesday said suspension of oil exports due to closure of oilfields and ports caused losses worth more than 1.3 billion U.S. dollars so far.

“NOC confirms a drop in (crude oil) production to the current level of 183,265 barrels per day, as of Tuesday February 11, 2020, with losses of 1.325 billion dollars,” the state-owned company said in a statement.

Tribal chiefs in eastern Libya recently closed oil ports, accusing the UN-backed government of using oil revenues to support armed groups against the east-based army.

The east-based army of General Khalifa Haftar has been leading a military campaign since early April 2019, attempting to take over Tripoli from the UN-backed Government of National Accord of Fayez al-Sarraj.

NOC had on Monday announced shutting down a local refinery in western Libya because of the closure of the southern Sharara oilfield. Enditem

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