Sunday, September 7, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Economy

Libya’s NOC: Losses of Oil Exports Shutdown Exceed $6 Billion

June 28, 2020
Share on FacebookShare on Twitter

Libya’s state National Oil Corporation (NOC) announced on Saturday that the shutdown of oil fields and ports in the country’s eastern regions has caused losses of more than 6 billion and 147 million U.S. dollars so far.

The NOC stated in its statement that the blockade going on for the last 161 days will affect the financial arrangements and salary provisions for 2020-2021 in the future.

Earlier, an official source at the NOC revealed that arrangements are still underway regarding the resumption of production in the oilfields and the resumption of exports from the Oil Crescent Region after about 5 months of closure by protesters in the region who are opposing the Government of National Accord’s (GNA) policies.

Libya’s oil production was estimated at 1.2 million barrels a day before the shutdown.

Tribal leaders in eastern Libya closed oil ports and fields in January, accusing the GNA of using oil revenues to support armed groups against the Libyan National Army (LNA).

Oil, the lifeline of Libya’s economy, has long been a key factor in the civil war as rival authorities jostle for control of oil fields and state revenues. Libya has the ninth-largest known oil reserves in the world and the biggest oil reserves in Africa.

Libya has been in turmoil since 2011, when a civil war toppled and killed longtime dictator Moammar Gadhafi.

Tags: libyaMustafa Sanallahnocoil
Next Post

French-Russian Rapprochement Against Turkish Incursion into Libya

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libyan Attorney General Reveals Major Corruption Case in Tripoli

Heavy Military Presence Fuels Libyan Capital’s Fears

EU Accused of Complicity After Libyan Coast Guard Fires on Rescue Ship

Libya Among Top Arab Suppliers as US Crude Imports Rise

Libya Postpones Start of 2025–2026 School Year…Why?

ITA Airways Extends Libya Flight Suspension

EDITOR PICKS

Libya Deports Migrants to Egypt

Libyan Child Killed by Stray Bullet in Bani Walid

Heavy Military Presence Fuels Libyan Capital’s Fears

ITA Airways Extends Libya Flight Suspension

IOM Appeals for $3 Million to Support Sudanese Migrants in Libya

Libya Postpones Start of 2025–2026 School Year…Why?

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR