Libya ‘suffers $30bn oil sales slump’

 

Worker protests that have chopped exports have cost Libya at least $30 billion in lost revenue in less than a year, according to a report.

The North African oil powerhouse is struggling to get some terminals and oilfields back online as some workers protest about unpaid wages.

As a result, production across the country has slumped, leading to a massive drop in oil revenues.

The damages the state has now suffered after more than 10 months, Libya has lost not less than $30 billion," director of the Central Bank’s reserves department, Musbah Alkari, told Reuters.

Reserves have dropped from $130 billion to $110 billion last summer, the news wire continued.

Libya is bringing in around $1 billion a month in oil revenues, compared with $4 billion or $5 billion before protests started, Alkari told Reuters.

"We receive $1 billion (a month) in this hand, but in the other hand we pay $3.6 billion - so how can we invest new money?" Alkari continued.

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