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Libya: Oil production shutdown costs $9bn in 2020 

September 16, 2020 at 2:52 pm

Oil tanker moored at the harbour for maintenance in Libya on 28 May 2015 [MAHMUD TURKIA/AFP/Getty Images]

The closure of oil production in Libya has resulted in $9 billion in lost revenue since the start of the year, the Central Bank of Libya revealed.

The financial institution announced in this year’s budget statement, for the period to the end of August, that billions had been lost as a result of renegade General Khalifa Haftar’s shut down of key export terminals and blockage of major pipelines since the beginning of the year, in his effort to apply pressure on the internationally-backed Government of National Accord (GNA), which is based in the capital Tripoli.

Following the closure of several oil facilities and ports, the National Oil Corporation (NOC) declared force majeure on exports, which caused a decrease in raw oil production from an average of 1.2 million barrels per day to 90,000 barrels per day.

The Central Bank of Libya estimated that revenue has reached four billion Libyan dinars ($2.88 billion) in the first eight months of the year, due to blockade on the oil fields.

READ: US says Haftar agrees to lift Libya oil blockade