Libya .. Oil closures losses exceeded 2 billion dollars

The National Oil Corporation announced that the losses resulting from the oil closures exceeded two billion dollars, while the country's production of crude fell to below 123 thousand barrels per day.

"Oil and gas production continues to decline significantly due to the deteriorating security conditions throughout Libya, which in turn has disrupted the supply and transportation operations," the foundation said.

She added - in a bulletin on the consequences of the shutdown of oil production - that oil production as a result of the closures that affected ports and pipelines reached 122,430 barrels of oil per day by Sunday, February 23, 2020.

Forces loyal to retired Major General Khalifa Hifter closed key ports and oil fields a month ago as part of a power struggle with the internationally recognized government in Tripoli.

According to the National Oil Corporation of Libya, the forced decline in production rates imposed by the closures caused significant financial losses, exceeding $ 2.1 billion since January 24, 2020.

According to the Foundation’s data, the daily loss of oil reached about 1.1 million barrels, while the cumulative production losses reached about 36 million barrels, while the daily losses exceeded $ 61 million.

The average daily production of oil in Libya exceeded 1.2 million barrels of oil per day before the announcement of the "force majeure" on January 18th.

Domestically, the Foundation said that it continues to provide fuel in the eastern and central regions in sufficient quantities to meet transportation needs and citizens' requirements.

She pointed out that storage warehouses in Tripoli and some of the surrounding areas and southern regions are still suffering from a lack of supplies due to the deteriorating security conditions.