Libya's National Oil Corp. (NOC) disclosed on Friday that the country's crude oil output decreased by around 63% following the recent oilfield closures triggered by political unrest.
Previously, the corporation reported a drop in oil production from 1.28 million barrels on Monday to 591,024 barrels on Wednesday. This decline in output has resulted in losses exceeding $120 million over the three days.
The eastern government of Libya has announced it would halt all oil production and exports due to a dispute with the Tripoli-based government over control of the Libyan Central Bank, leading to a "force majeure" situation across all oil fields, terminals, and facilities in the country.
