NOC: Libya suffers over $2 billion in financial losses so far due to oil blockade

BY Libyan Express Feb 25, 2020 - 22:17

Libya’s National Oil Corporation (NOC) on Tuesday said that the suspension of oil exports because of the closure of oil fields and ports has caused a loss of more than 2 billion U.S. dollars so far.

“The NOC confirms that there has been a drop in production as a result of the blockade of ports and pipelines,” NOC said in a statement.

“Forced restriction of production has resulted in a financial loss of over 2 billion dollars since Jan. 24,” the statement said.

Tribal leaders loyal to Khalifa Haftar in eastern Libya on Jan. 18 closed oil ports and fields, accusing the UN-backed government of using oil revenues to support armed groups against the eastern-based army.

Haftar has been leading a military campaign since April 2019 in and around the capital Tripoli, attempting to take over the city and topple the UN-backed government.

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.