Libya Faces Economic Meltdown As Oil Industry Grinds To A Halt
Libya has lost more than $5bn in revenues since the start of the year as a result of disruption to its oil production and exports and may not be able to meet its 2013 budget commitments, the National Oil Corporation (NOC) warned as it reported a 1.3mn b/d slump in its oil output to a mere 240,000 b/d.
Oil field, refinery and port shutdowns have marred the oil-dependent state’s economic...