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Suspension of Libya's oil exports causes over $1 billion loss

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Christian Fernsby ▼ | February 8, 2020
The state owned Libyan National Oil Corporation (NOC) said that the suspension of oil exports due to closure of oil fields and ports has caused a loss of more than 1 billion U.S. dollars so far.
Libyan National Oil Corporation
Energy in Libya   Libyan National Oil Corporation
The country's daily oil production dropped from more than 1.2 million barrels per day to 181,576 barrels per day, resulting in a total loss of 1.042 billion dollars, NOC explained.

Topics: Libya oil export loss

"National Oil Corporation (NOC) renews its call for all blockades to be lifted to allow the corporation to resume production immediately, for the sake of Libya and its people," the NOC said.

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

The NOC called for the lift twice in January as the oil exports loss announced had mounted from nearly 256.6 million dollars as of Jan. 23 to 562.3 million dollars as of Jan. 28.

The eastern-based army had been leading a military campaign since early April 2019, attempting to take over Tripoli from the UN-backed government.