Libya Oil Revenue
Libya Oil Revenue

Libya’s daily oil production dropped from more than 1.2 million barrels to about 135,000 barrels, Libya’s National Oil Corporation (NOC) said in a statement on Wednesday.

“The current levels of production are 135,723 barrels per day, as of Feb. 25, the lowest level of production since 2011,” said the statement.

“Forced restriction of production has resulted in financial losses exceeding 2 billion U.S. dollars,” the statement added.

On Jan. 18, tribal leaders in eastern Libya closed oil ports and fields, accusing the UN-backed government of using oil revenues to support armed groups against the east-based army.

The east-based army has been leading a military campaign since April 2019 in and around the capital Tripoli, attempting to take over the city and topple the UN-backed government.

The fighting has killed and injured thousands of people and forced more than 150,000 civilians to flee their homes.

The rivals agreed on a cease-fire on Jan. 12. However, both parties exchanged accusations of breaching the truce. Enditem

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