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  • 21-01-20

    Libya: crude oil prices up by over 1 percent during early trading

    (MENAFN) Crude oil prices rose by over 1 percent in early trading on Monday with the halt in output and exports from oil-rich Libya with the growth of civil conflict.


    The El Sharara oil terminal in Libya was held over the weekend by groups loyal to Libyan warlord Khalifa Haftar, cutting it off from the country's northwestern port of Zawiya, a main port for oil exports.


    The halting oil exports would result in the loss of crude oil manufacture of 800,000 barrels for each day and financial losses of approximately USD55 million for each day, according to Libya's National Oil Corporation (NOC).


    As said in a statement by NOC Chairman Mustafa Sanalla, "the oil and gas sector is the lifeblood of the Libyan economy and the single source of income for the Libyan people ... They are not cards to be played to solve political matters."

    MENAFN2101202000450000ID1099579745

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