Libya suffers over $8 billion losses in blockaded oil production

Libyan Oil site. [Photo: Pinterest]
Libya has suffered over $8 billion in losses as a result of the oil blockade and the closure of oil wells by Khalifa Haftar’s forces in the past 200 days, the National Oil Corporation (NOC) announced.

In a statement, the NOC said the total losses from the blockade and closures have reached nearly $8.2 billion in 208 days.

Oil production has plunged by around three-quarters since forces loyal to Haftar launched a blockade. The blockade has also cut off revenue for state institutions operating across the country.

The NOC, which is responsible for the extraction, processing, distribution and export of oil in Libya, had announced on July 10 that they loaded oil on a vessel in Sidra Port and that production and exports would resume in the oil facilities.

However, two days later, in a message posted on his Twitter account, Haftar forces spokesman Ahmad Al-Mismari said they would continue to block oil production until their “conditions” are met.

Pro-Haftar forces blockaded the main oil terminals in eastern Libya the day before a summit in Berlin on Jan. 19 that called for the end of foreign interference in the conflict and a resumption of the peace process.

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