NOC: Losses of Oil Exports Shutdown in Libya Exceed $7.47 Billion


Libya’s state National Oil Corporation (NOC) announced on Sunday that the shutdown of oil fields and ports in the country’s eastern regions has caused losses of more than 7.47 billion US dollars so far.

The NOC stated in its statement that the blockade going on for the last 192 days will affect the financial arrangements and salary provisions for 2020-2021 in the future.

Last week, an international meeting, with officials from Germany, Italy, France, the United States, Egypt and the United Arab Emirates, in addition to the Acting Special Representative of the United Nations’ Secretary-General, Stephanie Williams, was held to mainly discuss the continued shutdown of Libya’s oil fields and facilities and the halt of oil exports.

The meeting also reviewed the security, economic and political aspects of the Libyan crisis.

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 6 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 Muammar Gaddafi.