Libya loses $2bn over oil production shutdown, export blockade

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Libya’s revenues are bleeding from a protracted blockade on oil exports. The National Oil Corporation said losses from the shutdown of major oil fields and terminals had surpassed $2bn on Tuesday.

Oil production became the latest victim of a bitter conflict between two rival governments, when forces loyal to the rebel administration of Khalifa Haftar seized major oil ports and shut the flow of crude in January.

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Production has dropped from 1.2 million barrels a day before January to about 120,000 this week, the corporation said in a statement.

The standoff over Libya’s main source of income has threatened to cripple the already battered economy and deprive the country of fuel supplies.

 


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