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NOC: Libya’s oil blockade losses amounted to $318 million

Libya’s National Oil Corporation (NOC) said on Sunday that the country’s daily crude oil production had dropped from more than 1.2 million barrels to less than 300,000 due to closure of oil fields and ports, adding that the step had caused irreversible losses to the Libyan economy amounted to 318 million dollars, as of January 24, 2020.

“NOC confirms that oil production continues to fall as a result of illegal blockades. Production fell to 284,153 barrels per day.” It added in a statement.

The Libyan NOC also renewed its call for blockades to be lifted to allow the corporation to resume production immediately.

It also called for the blockade to be lifted in order to ensure continuing supply of fuel products to all regions and to restore vital revenues to the Libyan economy.

Meanwhile, the Governor of the Libyan Central Bank Al-Sadiq Al-Kabir has stated that the blockade on the oil ports in Libya is damaging the national economy.

Al-Kabir told Reuters on Friday that Libya could run a budget deficit in 2020 as a result of the blockade on the main oil ports and fields in the country.
He also said that oil now represents 93-95% of total revenue and covers 70% of total spending in the country.

“We really hope the crisis is resolved as fast as possible because it hurts everyone.” Al-Kabir indicated.

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