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Libya’s oil production dropped to 390,000 barr/day

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Libya-2013During last week oil production in Libya dropped by 70,000 barrels a day and totaled 390,000 barrels a day, reads the statement of the Libyan National Oil Corporation (LNOC).

The reason of the crisis in this field is the continuing protests of the armed militants, who have been blocking operation of Libya’s energy objects, including the fields and oil ports on the east of the country, since summer.

During the past week the protesters blocked operation of the pipeline from the Ash-Sharar field to Zauiya port, said LNOC representative Mohammed al-Harari. “We hope the government will be able to solve the problem in the near future,” he added.

The rebels from the tribes on the east of Libya control the most important oil objects of the country, including Es-Sidr, Ras-Lanuf and Zaeitin ports. They demand expanding of political rights of the eastern province Kirenaik, increasing share of profit from oil sales for the eastern provinces and conducting investigation against the corrupt officials.

The Libyan Oil Ministry reported that because of the armed rebels preventing normal operation of the Libyan oil industry, in the second half of 2013 oil production decreased from 1.5 million to 250,000 barrels of oil a day. The authorities claim that the blockade cost the Libyan treasury about $9 billion from July to December 2013. As a result of that Libya faced   the economic crisis and profit of the treasury from export of energy resources dropped by 80%. Oil industry of Libya ensures about 96% of profit of the state.

Before the war in 2011 Libya, which is the member of the Organization of Petroleum Exporting Countries (OPEC),  extracted 1.6 million barrels of oil a day, reported ITAR-TACC.

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