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Bloomberg: Oil Blockade Will affect the Libyan Dinar

Libya’s crude exports have fallen by more than a million barrels a day since Haftar shut down the biggest oil ports in January to pressure the Sarraj government, according to a report published by Bloomberg.

Proceeds normally go through the National Oil Corporation (NOC) to the Tripoli-based central bank, but Haftar wants the regulator to allocate more funds to the east—an unresolved dispute at the heart of Libya’s divisions.

While Haftar’s efforts to export crude independently of the NOC have been thwarted, repeated disruptions have roiled global oil markets and deprived the economy of its main source of dollars.

That’s again hitting the currency. A year ago, the U.S. dollar was worth roughly 4.5 dinars on the black market. Now, it’s closer to 5.5 dinars.

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