Losses from Libyan oil blockade at USD 3.9 bln

Output plunges after Haftar closed ports and fields

03 April, 13:38

    CAIRO - Libya's National Oil Corporation (NOC) said on Thursday that the shutdown of oil exports in the country's eastern regions has caused losses of nearly 3.9 billion US dollars so far.
    Tribal leaders in eastern Libya controlled by commander Khalifa Haftar closed oil ports and fields in January as part of Haftar's campaign to take over Tripoli. The figure of an estimated 3.89 billion dollars in losses accumulated since January 17 was published on NOC's Facebook page ahead of the first anniversary of the launch of Haftar's operation to take over Tripoli.
    His forces started the military campaign on April 4, 2019. After the closure, output dropped from 1.22 million to under 93,000 barrels per day, according to figures published by NOC. This constitutes an enormous loss. Libya's annual GDP is 56.3 billion dollars, according to World Dank data elaborated by Trading Economics. Haftar, on the day that the Berlin conference on Libya was held on January 19, halted oil exports from five ports under his control including the country's two largest: Sidra and Ras Lanuf. Through shutting down two pipelines the day after, the general halted production from the Sharara field, Libya's largest, that of Hamada and two operated by Eni (El Feel and Bu-Attifel). The blockade has been explained by analysts such as Chatham House's Tim Eaton as evidence that Haftar thinks NOC is on the side of the government in Tripoli. 

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