· Amidst the recent political rivalries in Libya, Libya’s National Oil Company (NOC) has announced the suspension of oil production from two major fields.
· In a statement released on social media, it was indicated that the production was interrupted after an armed group shut down the valves delivering the crude.
Amidst the recent political rivalries in Libya, Libya’s National Oil Company (NOC) has announced the suspension of oil production from two major fields.
In a statement released on social media, it was indicated that the production was interrupted after an armed group shut down the valves delivering the crude. According to unofficial estimates, the losses due to the closure will be around 330,000 barrels and a loss of around 32 million euros per day.
Since the fall of Muammar Gaddafi’s regime in 2011 Libya has been facing more than a decade of civil unrest. The institutional crisis was aggravated last week when a parallel government was sworn in. According to the NOC, the armed group led by Mohamed al-Garj had several times closed the valves between 2014 and 2016.
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