US envoy to Libya urges central bank to safeguard oil revenues

US envoy to Libya urges central bank to safeguard oil revenues
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The US ambassador to Libya has urged the country's central bank to protect oil revenues as blockades on major fields and export terminals have impeded production.
Libya’s oil production has fallen by more than half a million barrels a day as a wave of political demonstrations engulfs the industry [source: Getty]

The US ambassador to Libya Richard Norland urged the country's central bank to safeguard oil revenue from misappropriation, a statement by the US Embassy said.

Norland also expressed concern about the shutdown of half of Libya's oil production, saying that forced, prolonged disruptions create adverse conditions for the people.

MENA
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Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday said "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.

The country is currently losing more than 550,000 barrels per day in oil production from blockades on major fields and export terminals, the National Oil Corporation media office said on Wednesday.