Suspension of Libya's oil exports causes 1.4 bln USD loss

Source: Xinhua| 2020-02-14 12:36:57|Editor: yhy
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TRIPOLI, Feb. 14 (Xinhua) -- The state-owned Libyan National Oil Corporation (NOC) on Thursday said that the suspension of oil exports due to closure of oil fields and ports has caused a loss of more than 1.4 billion U.S. dollars so far.

The country's daily oil production dropped to the current 163,684 barrels per day, resulting in a total loss of 1.437 billion dollars as of Thursday, the NOC explained.

"National Oil Corporation (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 NOC said in a statement.

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 eastern-based army.

The United Nations Security Council on Tuesday adopted Resolution 2509 to extend the ban on the illicit export of petroleum, 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 the late leader Muammar Gaddafi in 2011.