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Libyan Central Bank warns of financial collapse if oil production not restored

Libya has lost $180 billion in oil revenues since 2013, according to the Tripoli-based central bank.
A picture taken on September 24, 2020 shows a partial view of the Brega oil port some 270kms west of Libya's eastern city of Benghazi. - Libyas state oil firm lifted force majeure on what it deemed secure oil ports and facilities on September 20, a day after strongman Khalifa Haftar said he was lifting a blockade on oilfields and ports. The blockade, which has resulted in more than $9.8 billion in lost revenue according to the state-run National Oil Corporation (NOC), has exacerbated electricity and fuel sh

The near halt of Libya’s oil production and exportation amid the civil war could cause the country’s economic collapse, the head of the Tripoli-based Central Bank of Libya warned on Tuesday.

Al-Saddiq al-Kabir told Tripoli’s parliament that shutdown of the country’s oil production and exportation since 2013 has cost Libya some $180 billion in losses, which he called “a bullet in the head” to the country’s economy.

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