The National Oil Corporation (NOC) reported a sharp decline in Libya's oil production, which fell from 985,000 barrels per day on August 26 to 591,000 barrels by August 28. This decrease resulted in financial losses exceeding $120 million.
Waha Oil Company was among the most affected, with its daily production dropping from 265,000 barrels to much lower levels following the shutdown. Other companies, including Akakus and Sirte, also experienced significant impacts.
The total financial loss for the Libyan economy during the three-day shutdown was estimated at approximately $120 million. The shutdown was triggered by the east-based rival government's declaration of force majeure on all oil fields, ports, and facilities amid the Central Bank of Libya crisis.
Economy
