Libyan Central Bank Governor Sadiq Al-Kabir called for an immediate resumption of oil operations to shore up the economy amid an unprecedented decline in monetary reserves.

U.S. Oil Industry Prioritizes Output Over Debt

A pump jack operates near Stratford, Texas, U.S. Photographer: Angus Mordant/Bloomberg

By Bloomberg

7 Oct 2020

“We need to raise the production to 1.7 million barrels per day to cover the country’s spending,” Al-Kabir said at a forum that centered around a discussion on Libya’s economic situation.

Shutting down the country’s oil operations repeatedly from 2013-2020 has generated about $180 billion in losses, Al-Kabir said.

Libya Oil Closure a ‘Bullet in the Head,’ Says Bank Governor (1)

Business Maverick

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