Libya Oil Shut-In Cost Nation Over $2 Billion Since January
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Constraints on Libya’s oil output have cost the OPEC member $2.1 billion since Jan. 24, the state-run National Oil Corp. said, laying bare the mounting costs of the latest bout of fighting in the nation.
Production as of Feb. 23 stood at 122,430 barrels a day, the NOC said Tuesday, adding that $745 million in revenue had been lost since Jan. 24. Crude oil production stood at 1.22 million barrels a day before the declaration of force majeure on Jan. 18, the NOC said in a statement.