Libyan production languishes under ‘illegal blockade’

National Oil Corporation reports its lowest production since the blockade started in January as external forces gear up for clash over Sirte basin oilfields

Libya has posted its lowest monthly income from hydrocarbons since the start of the six-month blockade of its oil ports and fields, earning its National Oil Corporation (NOC) just $45.5mn during June. The blockade, imposed by General Khalifa Haftar’s Libyan National Army (LNA), has seen production plunge from 1.2mn bl/d when it began on 17 January to c.90,000bl/d now, almost all of which is from offshore platforms. The shutdown, backed by the unofficial Tobruk government—which is warring against the UN-recognised government in Tripoli—has cost $6.5bn in lost revenue. Libyan oil income goes not to the NOC but the Tripoli-based Central Bank of Libya (CBL), with funds held in European banks.

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