Drop in oil exports costs libya $140m daily

Libya's crude oil exports have hit a record low down to just 240,000 barrels per day (b/d) due to the closure of ports and pipelines following to the strike, Libyan Oil Company has said. In a statement the company said, oil exports reached 1,300,000 barrels per day at the beginning of 2013. However, due to the drop in oil production, Libya is losing US $140 Million per day and the total losses since January this year is estimated to exceed US $5 Billion. The Parliamentary Committee on Energy said a statement that the production of Libya's oil is negligible, and noted that the closure of all oil ports will call for importing gasoline from abroad, which would negatively affect the revenue required to finance the state budget for the year 2013.