Libya's Exporting of Crude Oil will be Zero in Days

Source: 6/18/2014, Location: Africa

Libya has lost $30 billion due to 10 months of protests at oilfields and export terminals but has sufficient foreign currency reserves to keep the country running.

Separatists have seized and occupied ports in the country's east while a wave of protests has halted production at a number of key oil facilities. Libya's oil production has plunged to around 200,000 barrels per day (b/d) down from a pre-crisis high of 1.4 million b/d.

So Libya's government urged the central bank to release a special multi-billion-dollar reserve fund accumulated from past oil sales to help offset a precipitous loss of crude revenues that has crippled state finances. Eleven months of protests at oilfields and ports have reduced crude exports, Libya's economic lifeline, to a trickle. Oil revenues have fallen to $1 billion a month.

Finally, Libya’s crude exports could fall to zero in days as the state oil company could be forced to divert the only remaining exports to the Zawiya refinery, which provides crucial gasoline to the country's capital. For more information about related Opportunities and Key Players visit Libya Oil and Gas Projects

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