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Home News Libya loses US$10b from oil export terminal shutdown

Libya loses US$10b from oil export terminal shutdown

Libya’s loss from the shutdown of its oil production and export in the eastern part of the country has reached an estimated US$10 billion, according to Minister of Economy Mustapha Abou Fanas.

He said the continuous shutdown of production and export would impact negatively on the country’s economy, which is highly dependent on oil sales.

“Stability and security across the entire country are of paramount importance to the building of a strong economy for Libya,” the Minister said.

For months, armed protesters have disrupted oil sales and exports in the oil-rich eastern regions, causing oil production to drop to 250,000 barrels per day, from 1.6 million bpd.

The Libyan national oil firm says the oil port of Marsa al-Harik has been seized since August by the local population, who have demanded political independence and a better part of Libya’s oil incomes. 

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