Libyan economy \\\'secure for now\\\' despite oil export crisis

TRIPOLI, May 18 (AFP): Libya's economy has taken a heavy hit since rebels blockaded export terminals last summer, slashing all-important oil revenues, but it has enough reserves to weather the storm for now, analysts and politicians say.

Rebel seizure of four terminals in July in pursuit of a campaign for restored autonomy for the eastern Cyrenaica region slashed output from 1.5 million barrels per day to just 200,000 bpd.

Last month, the government reached a deal to regain control of the terminals, and took over two of them with a combined capacity of 210,000 barrels per day. But it has not recovered the remaining two, which have a much larger capacity of 550,000 bpd.

As a result, exports are far from recovering and have only reached 240,000 bpd, according to the National Oil Corp.

Libya, which relies on oil for 96 per cent of its GDP, says the blockade has cost the country more than $14 billion (10.1 billion euros) in lost revenues.

On a monthly basis, the central bank estimates revenues have plunged from $4.6 billion to only $1 billion.