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Libya’s economy is being damaged by the oil blockade

The National Oil Corporation said Wednesday that losses of oil blockade reached 562 million dollars from January 13 to 28.

The NOC added that it had lost over 51 million dollars a day as the daily oil production dropped to 288.000 bpd from 1.220 million bpd.

Over the last days, the NOC called on the blockading groups to reopen the oil ports and the Governor of the Central Bank of Libya in Tripoli Sadiq Al-Kabir warned of budget deficit in 2020 financial arrangements if the blockade continued.

NOC warned earlier that Libyan oil output would drop to record lows; the worst since 2011, saying many issues would follow due to this act.

The US and UK embassies in Libya both urged for immediate resumption of the oil production as the blockade damages the Libyan people and economy.

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