The National Oil Corporation (NOC) of Libya has revealed a staggering $120.3 million in losses due to recent oil production shutdowns. The figures reflect reductions in production over a three-day period from August 26 to August 28, with output plummeting from approximately 1.2 million barrels per day to 591,000 barrels per day by August 28.

These closures, enacted by the eastern-based Hafter regime, are in retaliation for the Tripoli-based Presidency Council’s ousting of Central Bank of Libya Governor Seddiq Al-Kabeer. Al-Kabeer was removed following a decade of operating without a board, leading to the appointment of a new Board and interim Governor.