Libyan oil revenues fall short of 2013 projections

(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