The Governor of the Libyan Central Bank Al-Sadiq Al-Kabeer warned Friday that the blockade on the oil ports in Libya was damaging the national economy, saying Libya could run a budget deficit in 2020 as a result of the blockade.
"This is a bullet in the head, that will hurt Libya and the Libyan people,” Al-Kabeer said in an interview with Reuters.
He also said that oil now represents 93-95% of total revenue and covers 70% of total spending in the country.
“We really hope the crisis is resolved as fast as possible because it hurts everyone.” Al-Kabeer indicated.
Meanwhile, NOC Chief Mustafa Sanallah told The Financial Times earlier that Libya's oil output could hit the lowest since 2011 due to the blockade.