Oil

Libya’s National Oil Corporation (NOC) on Monday said that the suspension of oil exports due to closure of oil fields and ports has caused a loss of more than 1.6 billion U.S. dollars so far.

“National Oil Corporation (NOC) confirms a drop in production as a result of the blockade of ports and pipelines to the current level of 135,745 barrels per day, as of Monday February 17, 2020, with losses exceeding 1 billion USD at 1,616,886,132 USD,” the NOC said in a statement.

“NOC renews its call for all blockades to be lifted to allow the corporation to resume production immediately, for the sake of Libya and its people,” the statement said.

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

The United Nations Security Council recently adopted Resolution 2509 to extend the ban on the illicit export of petroleum from Libya, including crude oil and refined petroleum products, till April 30, 2021.

Libya has been suffering escalating violence and political instability ever since the fall of its leader Muammar Gaddafi in 2011. (Xinhua/NAN)