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Libya’s Central Bank Calls for Resumption of Oil Outp...

Business Maverick

Business Maverick

Libya’s Central Bank Calls for Resumption of Oil Output, Exports

A pump jack operates near Stratford, Texas, U.S. Photographer: Angus Mordant/Bloomberg
By Bloomberg
07 Oct 2020 0

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.

“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)

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