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FINANCIAL NEWS
Libya loses USD7b in oil revenue due to turmoil
11 Dec 2013
(MENAFN) The Libyan Oil Minister said that the country lost over USD7 billion as a result of strikes at oilfields and ports which significantly cut exports, The Peninsula reported.
Also, Libya now faces fierce competition from Algeria and Nigeria in the Mediterranean oil market, and Libya is now searching for new markets in Asia.
Oil output in the North African nation dropped from 1.4 million barrels per day (bpd) in July to 250,000 bpd, causing the country to lose nearly USD7.29 billion in oil revenue.
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