Libya’s National Oil Corporation halts crude production due to budget standoff with government

Libya’s National Oil Corporation halts crude production due to budget standoff with government

The Libyan National Oil Corp. subsidiary Arabian Gulf Oil Co. has halted Crude oil production, citing the Central Bank of Libya's refusal to disburse its operating budget.

The corporation has shut down production in several of Libya's major eastern oil fields, deepening the central government's budget crisis.

“The NOC has halted pumping at its fields due to the government's failure to send federal funds since September for operations,” a spokesman for the corporation said.

In a statement, the NOC blamed the Central Bank of Libya for seeking to politicize the oil sector through its illegal control of state funds.

Arabian Gulf Oil Company, an oil company totally owned by NOC, operates eight oil fields with a total capacity of 250,000 b/d, which feed into key Libyan crude grade Sarir/Mesla, which is exported from the 230,000 b/d Marsa el-Hariga terminal. 

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