Libya’s economic recovery hurt by attacks on oil centers

1 Sep 2017   Libya

With a loss from missing oil revenue, the closure of Libyan oil fields by militants is thwarting economic progress in the country, an oil director said. The Libyan National Oil Corp. said force majeure, a contractual condition related to circumstances beyond the control of the parties involved, was declared for production at three oil fields. The NOC said militants had shut in more than 360,000 barrels of oil per day in the west of the country at a cost of hundreds of millions of dollars. “This is a national tragedy,” NOC Chairman Mustafa Sanalla said in a statement . “Our production was recovering, not quite enough to balance the budget, but enough to give us hope that our financial position could stabilize.” The […]

Comments are closed.