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Oil crescent witnesses surge in oil export

Libya’s “oil crescent,” a coastal area home to most oil export terminals, has witnessed a surge in oil export, sources told 218 News Sunday.

The sources said a shipment carrying 600,000 barrels of oil left on Sunday Brega Oil Port.

They added that 600,000 barrels and 1.2 million barrels will be shipped on Monday and Wednesday, respectively, from Zueitina oil port.

This comes as part of the plan of the National Oil Corporation (NOC) to increase Libyan oil production to over two million barrels by 2030.

However, Governor of the Central Bank of Libya (CBL) Sadiq al-Kabir predicted that the country’s oil revenues will decline to about $20 billion in 2019, compared to $24 billion last year, a 17-percent decrease due to frequent closure of oilfields, mainly el-Sharara oilfield at the beginning of the year due to tribal protests.

Kabir told Bloomberg Thursday that the parallel al-Bayda-based CBL alone spent LYD 43 billion in recent years, explaining that such large expenses have negatively affected the Libyan economy and the consequences will be “severe.”

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