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Libya oil production declines to unprecedented levels

Oil field in Libya [Javier Blas/Wikipedia]
Oil field in Libya [Javier Blas/Wikipedia]

Libya’s oil production has declined to unprecedented levels due to the continuous closure of the oil fields by the militias loyal to renegade Libyan General Khalifa Haftar, Arabi21.com reported on Friday.

In a statement issued on Thursday, Libya’s National Oil Corporation announced that it is losing 127,269 barrels of oil every day, that should have been sold to the global markets.

The National Oil Corporation stated that the accumulated losses of the oil production and exports since the start of this month are estimated at $3,893,213,466.

These losses caused a continuous retreat of economic and financial reserves in the country.

On 17 January, Haftar’s militias closed Az-Zawiyah seaport in the east, over claims that the revenues of the oil exports go to the National Unity Government which is backed by the international community.

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