Oil Crisis Deepens in Libya as Losses Exceed $3.8 Billion

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Libya’s National Oil Corporation (NOC) said that from January 18 to the end of March 2020, oil revenue losses amounted to $3.88 billion due to the closure of ports and oil fields.

In its bulletin published on Saturday, the NOC said that the cumulative losses in oil production amounted to approximately 78.49 million barrels in the period from January 18 to April 1st. This amounts to daily production losses of approximately 1,127,000 barrels per day.

According to its bulletin, the NOC pointed out that the Libya’s economy and financial reserves were in constant decline due to the port and oil fields’ closures as the current oil production in Libya dropped to a mere 92.731 barrels per day. Many NOC facilities are closed since January 17, 2020.