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Haftar’s oil blockade inflicts nearly $1 billion loss on Libya

Libya’s oil output has dropped to 187,337 barrels per day (bpd) due to the blockade, the National Oil Corporation (NOC) said on Tuesday.

The NOC added in the statement that the losses from the blockade, which has been ordered by Khalifa Haftar, amount to more than $931 million.

It also renewed its call for all blockades to be lifted to allow the corporation to resume production immediately.

The NOC says output will eventually fall to 72,000 bpd if the stoppage continues, from about 1.2 million bpd previously.

Meanwhile, Libya accounted for two-thirds of the 500,000 barrel-a-day drop in oil production from the Organization of Petroleum Exporting Countries last month. OPEC’s output slumped to 28.37 million barrels a day, according to a Bloomberg survey.

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