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FINANCIAL NEWS
Libyan oil output declines in December
30 Dec 2014
(MENAFN) According to recent reports, Libya has registered a major decline in its oil output during December due to the political unrest that is raging in the country, Gulf Business reported.
The OPEC member is currently producing 128.000 barrels per day from fields connected to the eastern port of Hariga, while production in Libya’s two largest ports, Es Sider and Ras Lanuf, has been halted for a while.
Currently, Libya’s total oil output, adding offshore fields and Brega output, is about 350.000 bpd, which is a steep decline in comparison with the 1.6 million barrels per day it used to produce before the political unrest first began in 2011.
Meanwhile, the country’s central bank warned that Libya is facing a growing financial crisis due to the sharp fall in oil production and the continuous fall in oil prices, which in addition to the widening fiscal deficit and the continued depletion of the country’s foreign reserves is putting the country at a risk in its economic status.
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