Libyan Prime Minister warns of financial disaster if Haftar’s oil blockade continues

The Head of Libya’s internationally recognised Government ofNational Accord, Fayez Al-Sarraj, has warned that Libya will face a financial crisis and budget deficit in 2020 because of a blockade of oil terminals and oil fields by groups loyal to his rival, Khalifa Haftar.

Libyan Prime Minister warns of financial disaster if Haftar’s oil blockade continues
Head of the Government of National Accord (GNA), Faiz Al-Sarraj

“The continuation of the shutdowns will result in a catastrophic financial crisis,” al-Sarraj told reporters in the capital, Tripoli. “Losses from the oil shutdowns have exceeded $1.4bn. The figure is increasing every day.”

The state-run National Oil Corporation (NOC) said on Thursday crude output had dropped to 163,684 barrels per day (bpd).

Oil is the main source of national income for the country and before the blockade, Libya was producing 1.2 million bpd.

“Certainly, in light of the continued closure of oil facilities, the 2020 budget will face a deficit and [it] will drop to its lowest levels,” al-Sarraj said.

News Source:- Libya Express