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NOC: Libya has lost over $502 million over 10 days of oil blockade

The Libyan state-owned National Oil Corporation (NOC) said the total losses from the closure of Libya’s major oil fields and production facilities had accelerated, reaching more than $502 million over a 10-day period.

NOC said on Tuesday that the total value of losses since the beginning of the blockades reached $502,289,339 as of Monday, January 27, 2020.”

The state-owned NOC put the average daily loss due to the blockade by Khalifa Haftar’s militias on the oil fields and ports at $50.2 million.

The oil closures came when powerful tribal groups loyal to Haftar earlier this month seized several large export terminals along Libya’s eastern coast as well as southern oil fields.

The NOC said oil production had fallen from over 1.2 million barrels a day before the seizures to 271,204 barrels on Monday.

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