Minister: Libya losing $60m per day due to oil fields, port closures

Libyan Minister of Oil in the Government of National Unity, Mohamed Aoun, said the country is losing $60 million per day from the closure of oil fields and ports, Anadolu reported.

Aoun met with the UN-backed Prime Minister Abdel Hamid Dbeibeh yesterday, in the presence of the heads of the General Intelligence Service, General Staff and the Petroleum Facilities Guard.

He told the officials that Libya is missing out on exporting 500,000 barrels a day as a result of the closures. Given that the average price of a barrel is more than $100, this means that the country is losing about $60 million per day.

“This is in addition to other losses, such as the failure to supply power stations with fuel, which will lead to frequent power outages for citizens,” he added.

READ: Libya oil company declares force majeure in Sharara oil field

On Monday, Libya’s National Oil Corporation (NOC) declared force majeure on oil exports from the El-Sharara oil field – the largest oil field in the country – and the Zuwetina oil port in central Libya. A similar announcement was made by the company on Sunday for oil exports from El-Feel oilfield.

The announcement came after tribal leaders announced that oil production in southern and central Libya would be halted until Dbeibeh hands over power to the newly appointed government of Fathi Bashagha. Dbeibah has said he will only hand over power to an elected government.

Yesterday he instructed the security and military agencies to take all possible measures to deal with the closures. He also instructed the Public Prosecution to “open an immediate investigation into the closures that took place in oil ports and fields and all those involved in them.”