Arab Today, arab today libya oil production slumps to below 100000 barrels per day
Last Updated : GMT 02:28:17
Arab Today, arab today
Arab Today, arab today

Libya oil production slumps to below 100,000 barrels per day

Arab Today, arab today

Arab Today, arab today Libya oil production slumps to below 100,000 barrels per day

Tripoli - AFP

A weeks-long blockade by guards at key Libyan oil terminals has sent production plunging to under 100,000 barrels per day in a major blow to the economy, an official said Monday. Guards, mostly ex-rebels who helped topple veteran strongman Moamer Kadhafi in a 2011 uprising, have been on strike since late July and imposed a blockade on oil terminals. They accuse the authorities of corruption by selling crude in excess of documented cargo, while the government say the guards have been trying to sell oil on the black market. \"Oil production now stands at less than 100,000 barrels per day,\" Saad Ben Shrada, a member of parliament\'s energy commission, told Al-Hurra TV. His comments come after the commission issued a statement saying the production plunge is costing Libya several billion dollars in lost revenues. The commission urged \"the thwars (ex-rebels) to stop this act of vandalism. Oil production is at almost zero,\" the statement said. Libya was producing between 1.5 million to 1.6 million barrels of crude oil per day before the striking guards imposed the blockade on the country\'s main export terminals. The parliamentary commission warned that the militia\'s actions \"will encourage other (groups) to carry out similar acts.\" Libya is almost entirely dependent on oil and gas for its foreign exchange earnings, with hydrocarbons accounting for more than 80 percent of its GNP and up to 97 percent of its exports. The commission also took a swipe at Libya\'s National Oil Company (NOC) for declaring on August 21 a force majeure at the main terminals of Zueitina, Ras Lanouf, Al-Sedra and Brega in the east of the country. The measure exonerates the NOC from its responsibilities in case it breaches contracts to supply oil, if it invokes exceptional circumstances. The commission said the strike action has provoked \"a budget shortfall\" since the national budget was calculated on the basis of production standing at 1.6 million barrels a day, for an average price of $90 per barrel. The protest strike kicked off with policemen and border guards demanding back pay. Armed guards in charge of protecting Libya\'s vital oil industry were formed by the defence ministry after the fall of Kadhafi, and include rebels who helped topple him. Since the uprising two years ago, Libya\'s new rulers have been caught in a tug-of-war with the former militiamen, who use weapons they amassed during the revolt whenever their interests are at risk.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today libya oil production slumps to below 100000 barrels per day Arab Today, arab today libya oil production slumps to below 100000 barrels per day

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today libya oil production slumps to below 100000 barrels per day Arab Today, arab today libya oil production slumps to below 100000 barrels per day

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 04:23 2017 Tuesday ,20 June

Oil prices flat after weeks of steep declines

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday