The Libyan National Oil Corporation (LNOC) announced on Thursday that losses from the government’s announcement to shut down oil and gas in the country amounted to more than $120 million in three days.

The government appointed by the House of Representatives in the east, headed by Osama Hammad, declared a state of ‘force majeure’ on the entire oil sector last Monday, halting production and exports from oil fields and ports in response to the ‘storming’ of a ‘handover and reception’ committee appointed by the Presidential Council at the headquarters of the Central Bank in the capital Tripoli to allow a new management of the bank to replace its governor ‘Al-Siddiq Al-Kabir’.