The Libyan National Oil Corporation (NOC) has announced that the oil blockade, which led to the shutdown of oil production and exports since January 19th due to an on-going supremacy battle between two factions of the government in Libya, has cost the country an accumulated loss of about 5 billion dollars.
The corporation said that the loss looked impossible to recover from, as it considered the situation to be a threat to the economic stability of the country. The corporation fears that this will drastically reduce the state’s budget, and lead to job losses or drastic salary reduction, fuel subsidies, and other crises amidst the already existing COVID-19 pandemic.
The blockade of the oil pipelines and shutting down of oil ports was an operation carried out by men of Commander Haftar as a protest against the unfair sharing of oil revenues to the regions he controls, by the Prime Minister of Libya, Fayez Al-Sarraj, who is recognized by the United Nations. The operation was intended to force the Prime Minister to surrender, though that plan doesn’t seem to have worked out.
However, though Al-Sarraj recently gained control over the Watiya Air Base near Tripoli, an area wanted badly by the commander, the war still looks to be far from over. Libya’s biggest western fields, El-feel and Sharara, are located in the region captured by the Prime Minister.
According to the NOC, “We implore all the patriot sons of this country to come to reason, prioritize the interest of the homeland, and to re-enable the oil ports and pipelines and allow the National Oil Corporation to carry out its work for the benefit of all Libyans, in order to support the national economy and protect it from the consequences of bankruptcy and dependence on foreign banks.”
The NOC also warned of a reoccurrence of the blockade of oil fields and ports that happened over three years ago that caused the Libyan economy to lose over 100 billion dollars, and also caused huge losses of selling opportunities, and great damage to the reputation of the country’s crude, as well as in-house technical damages.
%20has%20announced%20that%20the%20oil%20blockade,%20which%20led%20to%20the%20shutdown%20of%20oil%20production%20and%20exports%20since%20emJanuary%2019supth/sup/em%20due%20to%20an%20on-going%20supremacy%20battle%20between%20two%20factions%20of%20the%20government%20in%20strongLibya/strong,%20has%20cost%20the%20country%20an%20accumulated%20loss%20of%20about%205%20billion%20dollars.The%20corporation%20said%20that%20the%20loss%20looked%20impossible%20to%20recover%20from,%20as%20it%20considered%20the%20situation%20to%20be%20a%20threat%20to%20the%20economic%20stability%20of%20the%20country.%20The%20corporation%20fears%20that%20this%20will%20drastically%20reduce%20the%20state's%20budget,%20and%20lead%20to%20job%20losses%20or%20drastic%20salary%20reduction,%20fuel%20subsidies,%20and%20other%20crises%20amidst%20the%20already%20existing%20strongCOVID-19/strong%20pandemic.img%20class=%20wp-image-1715%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2020/05/65a7ef90-dcfc-4759-b76a-67d75ec74bc6-300x185.jpg%20alt=%20width=375%20height=231%20/The%20blockade%20of%20the%20oil%20pipelines%20and%20shutting%20down%20of%20oil%20ports%20was%20an%20operation%20carried%20out%20by%20men%20of%20Commander%20Haftar%20as%20a%20protest%20against%20the%20unfair%20sharing%20of%20oil%20revenues%20to%20the%20regions%20he%20controls,%20by%20the%20Prime%20Minister%20of%20Libya,%20Fayez%20Al-Sarraj,%20who%20is%20recognized%20by%20the%20United%20Nations.%20The%20operation%20was%20intended%20to%20force%20the%20Prime%20Minister%20to%20surrender,%20though%20that%20plan%20doesn’t%20seem%20to%20have%20worked%20out.However,%20though%20Al-Sarraj%20recently%20gained%20control%20over%20the%20Watiya%20Air%20Base%20near%20Tripoli,%20an%20area%20wanted%20badly%20by%20the%20commander,%20the%20war%20still%20looks%20to%20be%20far%20from%20over.%20Libya's%20biggest%20western%20fields,%20El-feel%20and%20Sharara,%20are%20located%20in%20the%20region%20captured%20by%20the%20Prime%20Minister.According%20to%20the%20NOC,%20emWe%20implore%20all%20the%20patriot%20sons%20of%20this%20country%20to%20come%20to%20reason,%20prioritize%20the%20interest%20of%20the%20homeland,%20and%20to%20re-enable%20the%20oil%20ports%20and%20pipelines%20and%20allow%20the%20National%20Oil%20Corporation%20to%20carry%20out%20its%20work%20for%20the%20benefit%20of%20all%20Libyans,%20in%20order%20to%20support%20the%20national%20economy%20and%20protect%20it%20from%20the%20consequences%20of%20bankruptcy%20and%20dependence%20on%20foreign%20banks./emThe%20NOC%20also%20warned%20of%20a%20reoccurrence%20of%20the%20blockade%20of%20oil%20fields%20and%20ports%20that%20happened%20over%20three%20years%20ago%20that%20caused%20the%20Libyan%20economy%20to%20lose%20over%20100%20billion%20dollars,%20and%20also%20caused%20huge%20losses%20of%20selling%20opportunities,%20and%20great%20damage%20to%20the%20reputation%20of%20the%20country's%20crude,%20as%20well%20as%20in-house%20technical%20damages.){kind=link}