(1 minute read)
· The protracted blockade on oil exports is bleeding Libyan economy
· The National Oil Corporation said losses from the shutdown of
major oil fields and terminals had surpassed US$2billion
The protracted blockade on oil exports is bleeding Libyan economy. The
National Oil Corporation said losses from the shutdown of major oil
fields and terminals had surpassed US$2billion.
Oil production is severely affected on account of a bitter conflicts
between two rival governments, when forces loyal to the rebel
administration of Khalifa Haftar seized major oil ports and shut the
flow of crude in January. This had led to a decline in production from
1.2 million barrels a day before January to about 120,000 this week.
The standoff will cripple the already battered economy and deprive
the country of fuel supplies.
