Libya’s eight-month oil blockades have cost it a staggering $10bn according to NOC estimates. What little production remains has only netted it around $1.7bn in the first eight months – down 88% on the same period a year earlier. Recent moves to allow for a resumption of oil production and exports are still clouded by uncertainty.
Eastern-based General Khalifa Haftar imposed a nationwide oil blockade shutting down five eastern oil terminals and two key oil fields in the country’s southwest in mid-January in an attempt to put pressure on the western-based, internationally recognised government in Tripoli he was trying to overthrow (MEES, 22 May). (CONTINUED - 357 WORDS)
