According to a tweet sent Feb. 19 by state-run National Oil Corp. (NOC), Libyan oil output fell to 122,424 b/d as of Feb. 20, compared with 1.22MM b/d before the blockade of Libya's five key export terminals on Jan. 18. NOC added that the total cumulative loss due to the blockade amounts to 29.4MM bbl, or $1.74B. NOC Chairman Mustafa Sanalla has warned that output would plummet to just 72K b/d "very soon" if the blockade continued. The company has already declared force majeure on oil exports from the export terminals impacted by the blockade.
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