The oil crisis in Libya is deepening as a blockade of the country's vital oil fields generated losses of more than US$3 billion, the national oil corporation announced late Thursday. The war-torn country controls vast oil reserves, the biggest in Africa, and typically pumps out 1.2 billion barrels a day. But its regular oil production ground to a halt in January when tribes loyal to eastern-based forces seized large export terminals and choked off major pipelines, jeopardizing the national economy that relies heavily on oil revenues. The National Oil Corporation reported that production had been reduced to a trickle of 97,500 barrels a day. Since last April, Hifter's forces have been laying siege to the capital.

Source: The Standard March 13, 2020 01:30 UTC