TRIPOLI: Libyan oil revenues, which fund nearly all government spending, have plunged by 80 percent since protesters began blocking oil terminals in July, creating a budget crisis, the premier said yesterday.
“We are now facing an economic crisis” that could force the government to “take out loans and not be able to honour its obligations on payment of salaries,” Prime Minister Ali Zeidan said.
Protesters have been blocking oil and gas export terminals since the end of July.
And the National Oil Co said earlier this month that oil output is estimated to have dropped to 250,000 barrels per day from 1.5m b/d previously. Zeidan said “oil revenues have plunged to 20 percent (of normal levels), meaning the budget is no longer 68bn dinars ($55bn) because it was calculated on the basis of (expected) annual revenues.
Afp
