• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 9 minutes California breaks 1 GW energy storage milestone
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 19 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 8 hours Withdrawl of American troops from Iraq and its direct impact on crude oil supply
  • 43 mins Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
Exxon Makes Another Major Oil Discovery Offshore Guyana

Exxon Makes Another Major Oil Discovery Offshore Guyana

ExxonMobil and its partner Hess…

Why Norway Won’t Give Up On Oil & Gas

Why Norway Won’t Give Up On Oil & Gas

Western Europe’s biggest oil and…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Libya's Oil Production Falls Below 1 Million Bpd On Export Terminal Outage

Libya’s National Oil Corporation has declared force majeure on the port of Hariga due to lack of funds for infrastructure repairs, pushing the country’s crude oil production below 1 million bpd for the first time in months as NOC was forced to suspend production at several fields.

The company blamed the shortage of funds on Libya’s central bank.

“While the National Oil Corporation understands the motives of the suspension which is outside the control of the company and seeks an excuse for the government of National Unity due to the delay in approving the budget for the year 2021, it places full legal responsibility on the Central Bank of Libya, which refused to liquidate the financial arrangements approved in accordance with the decision of the former Government of National Accord,” NOC said in a statement.

NOC went on to blame the central bank for acting as the indirect cause of problems including reservoir and transmission line collapse, reservoir pollution, and well suspension, all because it had not provided the necessary funds for maintenance to the state oil company.

Libya began ramping up its crude oil production last September after the lifting of an eight-month blockade of the oil ports. Since then, it has managed to bring it from below 100,000 bpd to over 1.2 million bpd to the surprise and probably chagrin of its fellow OPEC members.

However, the stability of this production rate has always been doubtful due to the many financial and political problems plaguing the home of Africa’s largest oil reserves. NOC has been vocal in its criticism of the former government in its attitude to financing the oil industry, and while it may be more understanding to the new government, the fact remains that it needs money to continue producing oil.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News