Oil: Libya’s NOC has lost more than $3.6 billion since the beginning of the year

In a statement issued last weekend in Libya, the National Oil Corporation (NOC), the national oil company, estimated its cumulative losses resulting from the collapse of oil production and the closure of oil ports at more than $3.6 billion since the beginning of the year. A colossal shortfall that, according to the company, « could have been spent on medical supplies and equipment to help all Libyans cope with VIDOC-19 ». As for the current level of production, the NOC estimates it at « 96,702 barrels per day ». This is a far cry from the production levels seen just a few years ago (over 1.2 million barrels/day).