Suspension of Libyan oil exports costs US$2 billion losses

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Libya's oil

Libya’s National Oil Corporation (NOC) on Tuesday said that the suspension of oil exports because of the closure of oil fields and ports has caused a loss of more than 2 billion U.S. dollars so far.

“The NOC confirms that there has been a drop in production as a result of the blockade of ports and pipelines,” NOC said in a statement.

“Forced restriction of production has resulted in a financial loss of over 2 billion dollars since Jan. 24,” the statement said.

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

The eastern-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. Enditem

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