Libya losing $70m daily due to oil fields’ closure, says minister

RIYADH: Libya is losing around $50 million to $70 million daily as its oil fields come to a halt, Asharq reported, citing the country’s Oil Minister Mohamed Aoun.

Recent political instability has reduced oil production in the North African country by an estimated 400,000 barrels per day, around a 50 percent decline in daily production.

Due to ongoing protests calling for the ouster of the country’s prime minister, El Shahara field has closed. The field’s daily output was 300,000 barrels.

Additionally, El Feel field — with a capacity of 65,000 barrels per day — has also shut down for the same reason.