Sunday, 5/4/2020 | 7:56 UTC+0
Libyan Newswire

Oil Protests Cost Libya $30 Billion in Lost Revenues, Central Bank

Tripoli– Libya has lost $30 billion in revenues as a result of ten months of protests at oilfield and terminal closures, said Musbah Al-Akkari, Managing Director of Financial Markets at the Libyan Central Bank on Thursday.

He said Libya’s oil income stands at one billion Dollar a month now comparing to four to five billions per month before the start of protests.

But Mr. Akkari insisted that the country’s financial reserves are well distributed geographically and in terms of risk.

He pointed out that the reserves are sufficient to cover the budget and imports for a period of three and a half years but Libya should find appropriate solutions political solution to these problems.

The cash reserves of Libya are currently at around 110 billion dollars, down from about $130 billion last summer when protests broke out.

Meanwhile. the National Oil Corporation (NOC) said on Wednesday that it may be forced to use crude produced by offshore oilfields too supply local refineries.