Libya has lost nearly 5 billion dollars due to oil blockade, NOC says

BY Libyan Express May 28, 2020 - 15:28

The building of Libya’s National Oil Corporation (NOC) [Photo: NOC]

The National Oil Corporation (NOC) of Libya said on Thursday that suspension of oil exports has caused losses of nearly 5 billion U.S. dollars.

“The total losses of the current suspension (of oil exports) have amounted to 4,943,976,768 U.S. dollars, which is impossible to compensate from the reserves,” NOC said in a statement.

“This amount could have covered part of the state’s expenses, such as salaries, fuel subsidies, dealing with a coronavirus pandemic crisis and others,” it added.

NOC called for resuming oil exports “to support the national economy and protect it from consequences of bankruptcy and dependence on foreign banks.”

Tribal leaders in eastern Libya closed oil ports and fields in January, accusing the Tripoli-based UN-backed government of using oil revenues to support armed groups against the east-based army.

Libya’s oil production was estimated at 1.3 million barrels a day before the shutdown.

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