Libya says oil shutdown caused over $255M in losses

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Libya says oil shutdown caused over $255M in losses
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Closure of Libya’s major oil fields and production facilities by warlord Haftar's forces caused over $255 million in losses till January 23, Libyan oil company says

The National Oil Corporation in Libya says that a decision by east-based forces to choke off oil exports from its territory has threatened to throttle much of the country’s oil production.

The moves were meant to challenge Haftar’s adversaries in the west, the UN-backed, but weak rival government that controls the capital, Tripoli. The corporation has sought to reassure Libyans. It said “fuel is still available in most regions” and that it had “sufficient storage in Central and Eastern regions.”

The closure “almost certainly was meant to remind foreign states that Haftar retains control over the country’s oil and gas facilities, which generate almost all the country’s income, even as he enjoys no access to the revenues, which accrue to his Tripoli rivals,” the International Crisis Group, a Brussels-based think tank, said in a report earlier this week.

The closure came just two days before world powers with interests in Libya’s long-running conflict pledged into respect a much-violated arms embargo and push opposing factions to reach a truce.

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