Suspension of Libyan oil exports costs over $1.6b

19 February, 2020 12:00 AM printer

TRIPOLI: 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, reports Xinhua.

“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.