Libya will finally be able to export its oil stocks to
#Economy #Export #Oil #Politics #LIBYA
Denys Bédarride
Monday 31 August 2020 Last update on Monday, August 31, 2020 At 9:06 AM

Marshal Haftar has just authorized the state oil company to export stocks of oil from the country's oil ports. The measure, which does not concern the production of the deposits, aims to relieve the suffering of the Libyans, ensures the military command.

On August 19, 2020, Libyan National Army Major General Ahmad al-Mismari declared that on the instructions of Marshal Khalifa Haftar, only the quantities of oil stored in the country’s port terminals will be exported. This, “to alleviate the suffering of Libyan citizens“.

Crude extracted from the country’s oil fields is not affected by the measure. This is the first time in eight months that the country will export a significant amount of oil. “The opening of the oil facilities concerns the export of only what is stored in the reservoirs, the oil produced at the fields will not be exported,” al-Mismari said.

Since January, most of the country’s export fields and terminals have been under blockade. A situation that has severely eroded production and reduced revenues from oil exports to zero. With the lack of oil revenues, the economy is slowing down, notably with high inflation that the populations are struggling to bear.

The losses resulting from the closure of these facilities have recently been estimated at more than 8 billion dollars.

Source Ecofin Agency