Tag Archives | Blockade

Libya's Oil Blockade to Shrink Production Glut

Libya's oil blockade is now entering its seventh month and the war-torn country's oil output is hovering at just 100,000 barrels per day (bpd) instead of the pre-crisis 1.2 million bpd. Without a peaceful solution on the horizon, Rystad Energy is further pushing back its expected restart to the fourth quarter of 2020, a change […]

Video: "Why Russian Mercenaries seized control of Key Oilfield"

From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Libya Business News. Russian mercenary groups have enabled renegade military commander Khalifa Hafter, who is based in eastern Libya, to blockade the country's oil exports, starving the country of much-needed money. Moscow's backing of Haftar, a […]

NOC Deeply Concerned at Potential for Military Escalation

NOC deeply concerned at potential for military escalation, deployment of foreign mercenaries at oil installations Libya's National Oil Corporation (NOC) today said is deeply concerned at reports of the increasing likelihood of an intensification of the military conflict, potentially extending to oil and gas facilities. NOC condemns the deployment of Wagner Group, Syrian and Janjaweed […]

US threatens Sanctions in Libya Oil Row

By Al-Monitor staff. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Libya Business News. US threatens sanctions in bid to restore oil sharing in Libya The US government raised the specter of sanctions on unspecified parties involved in Libya's civil war yesterday after Libya's oil authority accused […]

NOC Condemns Renewed Blockade of Oil Exports

Libya's National Oil Corporation (NOC) condemns unreservedly the renewed blockade on Libyan oil exports, and calls for the states responsible to be held to account by the United Nations Security Council. NOC has been forced to declare force majeure on all oil exports from Libya to limit its contractual liabilities. Libyan oil exports restarted on […]

Libya loses $4bn from National Economy

By John Lee. The forced closure of many NOC facilities has resulted in the country losing revenue of over $4 billion. NOC chairman Eng. Mustafa Sanalla commented on the loss saying: "Libya is today $4 billion poorer than it would have been without the blockade. That is public funds that could have been invested into […]

Libyan Oil Production Falls Below 90k Barrels per Day

Statement from the National Oil Corporation (NOC): The NOC has recently supplied medical equipment to help local authorities across Libya deal with the coronavirus pandemic, click here for more details. The forced and illegal restriction of oil and gas production has resulted in financial losses exceeding 3,957,326,455 USD since January 17, 2020. This means the […]

Libyan Oil Revenues Collapse

The National Oil Corporation (NOC) has reported February 2020 revenues of approximately USD 555 million ($555,533,750.97), a decrease of around $1.21 billion USD (68.6%) on January 2020 revenues. The February figure is also a decrease of around $708 million (56%) compared with February last year. NOC's revenues come from sales of natural gas, crude oil […]