The National Oil Corporation (NOC) has posted export revenues of $45.5 million for crude oil, gas, and condensates in June, which is the lowest figures from the year so far, according to a press release.
The record low revenue can be explained by a fall in production as a result of the illegal blockade. The average monthly gas revenue also fell sharply to $8.99 million, also the lowest figures of the year.
NOC’s Chairman, Mustafa Sanalla, commented: “The Libyan state continues to suffer heavy losses in its daily oil and gas production for the sixth month in a row. The illegal oil blockade has had disastrous effects on our national economy and damaged the living standards of Libyans. Our reservoirs are suffering permanent damage, and stagnant fluids are corroding our pipelines, which will cost us huge amounts to repair.”
Before the illegal shutdown, the National Oil Corporation (NOC) reported revenues in October 2019 of approximately $2.2 billion, an increase of $381 million, or 21%, compared to September 2019 revenues.