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05-01-14

Libya heading into budget crisis

(MENAFN) A budget crisis is threatening Libya as strikes at the country"s oilfields enter their sixth month, The Peninsula reported. The North African nation"s oil exports dropped from 1 million barrels per day (bpd) to only 110,000 bpd. The government says that they have lost nearly USD10 billion in revenues since strike began in July. Libya is heavily dependent on oil exports as they comprise almost all of its annual revenue of USD50 billion.