10 days of oil blockade cost Libya over $502 million

The building housing Libya’s oil state energy firm, the National Oil Corporation (NOC), is seen in Tripoli, Libya. [Photo: Archive]
Total losses from the closure of Libya’s major oil fields and production facilities has accelerated, reaching more than $502 million over a 10-day period, the country’s National Oil Corporation (NOC) said Tuesday.

The oil closures came when powerful tribal groups loyal to Khalifa Haftar earlier this month seized several large export terminals along Libya’s eastern coast as well as southern oil fields.

The National Oil Corporation, which dominates Libya’s critical oil industry, said, “The total value of losses since the beginning of the blockades has reached $502,289,339 as of Monday, January 27, 2020.” It put the average daily loss at $50.2 million.

The corporation said oil production had fallen from over 1.2 million barrels a day before the seizures to 271,204 barrels on Monday.

Seeking to reassure Libyans, the corporation said fuel levels in the country’s central and eastern regions “remain sufficient.” It added, however, that the western and southern regions have faced “some supply shortage due to the deteriorating security situation.”

The closure came just two days before world powers with interests in Libya’s long-running conflict pledged at a conference in Berlin to respect a much-violated arms embargo and push opposing factions to reach a ceasefire.

The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
You might also like

Submit a Correction

For: 10 days of oil blockade cost Libya over $502 million

Your suggestion have been successfully submitted

There was an error while trying to send your request. Please try again.

Libyan Express will use the information you provide on this form to be in touch with you and to provide updates and marketing.