Libyan Oil Corporation Reports $75 Million Losses from Pipeline Shutdown

The National Oil Corporation (NOC) in Libya has announced that losses from the forced closure of Valve No. 7 on the Sharara-Zawiya crude oil pipeline have exceeded $75 million.

The NOC stated that daily production losses from the Sharara field averaged around 230,000 barrels per day over a four-day period, with 129,085 barrels lost on Monday, 259,349 barrels on Tuesday, 235,983 barrels on Wednesday, and 237,937 barrels on Thursday.

The cumulative decline in production has resulted in the loss of 720,362 barrels of crude oil. The NOC warned that these losses could rise if the shutdown continues, posing a significant threat to the refining units at the Zawiya refinery.