CBL warns of economic turmoil following closure of Sharara oil field

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CBL warns of economic turmoil following closure of Sharara oil field

December 15, 2018 - 14:10
Written by: SafaAlharathy

The Central Bank of Libya (CBL) warned Thursday that the closure of Sharara oil Field will have serious repercussions on the economic and financial situation of the country.

"The CBL is following with great concern the closure of the Sharara oil field, which resulted in the loss of more than 300 thousand barrels of oil per day, equivalent to about $30 million a day, the CBL stated.

The bank explained that the closure of the field will have a direct impact on the steps taken recently in respect to the economic reform, calling on the Presidential Council's government and its concerned organs to take all possible measures in order to reopen the field as soon as possible.

The CBL considered the closure of the oil fields as a blatant attack on the livelihood of Libyans, bringing in to mind the closure of oil fields and ports in 2013, which resulted in the loss of more than $160 billion.

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