(MENAFN - Arab News) A senior Libyan oil ministry official says oil revenues were 20 percent less than projected in 2013, largely because militias have shut down oil terminals and protests disrupted production
Omar Shakmak, deputy minister for Oil and Gas, said 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 cooperating with the renegade group
OPEC, meanwhile, slightly nudged up its world oil demand growth forecasts for 2013 and 2014, citing positive developments in Europe and North America
For 2013, the 12-member Organization of Petroleum Exporting Countries estimated demand at 89.86 million barrels per day (mbd), up 0.94 mbd from demand in 2012
In its previous monthly report in December, growth had been forecast at 0.87 mbd
The revision was helped by the US economic recovery and hikes in industrial and transportation fuel consumption there, OPEC said