Official: Libya 2013 oil revenues 20 per cent less than projected due to port closure, protests

TRIPOLI, Libya – A senior Libyan oil ministry official says oil revenues were 20 per cent less than projected in 2013, largely because militias have shut down oil terminals and protests disrupted production.

Deputy Minister for Oil and Gas, Omar Shakmak, announced on state television Thursday that proceeds from Libyan crude yielded a little less than $40 billion, less than the projected $ 50 billion for 2013. The loss was mainly in the second half of the year when a militia in eastern Libya shut down major oil terminals, declaring itself an autonomous government and demanding a share of the revenues.

In recent weeks, the militia has attempted to sell oil independent of the central government. The government has threatened it would take action against companies co-operating with the renegade group.