• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours How Far Have We Really Gotten With Alternative Energy
  • 21 hours Bad news for e-cars keeps coming
  • 9 days For those of you who are full of __it.
Baku's Renewable Push Gains Momentum with New Solar and Wind Projects

Baku's Renewable Push Gains Momentum with New Solar and Wind Projects

Azerbaijan's ambitious renewable energy strategy…

These Are the World's Biggest Oil Reserves

These Are the World's Biggest Oil Reserves

Russia's discovery of colossal oil…

Libya May Declare Force Majeure On Oil Exports From Several Ports

Libya’s National Oil Corporation (NOC) could declare force majeure on oil exports from several key export terminals in the Gulf of Sirte amid continued blockades and closures of oil-producing and export infrastructure, the corporation said on Monday as Libya’s political crisis continues.

NOC is currently considering declaring force majeure within the next 72 hours unless production and shipment of oil resume in the Gulf of Sirte, Libya’s state-owned oil company said in a statement.

The Gulf of Sirte hosts the oil export terminals Zueitina, Brega, Ras Lanuf, and Es Sider.

The government is responsible for the sovereignty of its institutions, and no individual, minister, or entity should be allowed to politicize the oil sector to use it as a bargaining chip in any negotiations, bargaining, or settlements, NOC chairman Mustafa Sanalla said.

The possible force majeure would come after weeks of protests and closures amid the new rift in Libya’s political class over who should be governing the country.

The most recent rivalry is between Fathi Bashaga, the Prime Minister appointed by the parliament earlier this year, and Prime Minister Abdul Hamid Dbeibah, who was appointed last year through a process backed by the United Nations. Dbeibah refuses to cede power. Bashaga is now based in Sirte in the east of Libya, while Dbeibah is based in Tripoli.

The most recent blockades of oil ports have been mostly instigated by factions in the east, including such allied with eastern strongman Khalifa Haftar and the Libyan National Army (LNA) he leads.

Libya’s oil production has suffered since April, with output estimated at below 1 million barrels per day (bpd), with some reports suggesting it may have been as low as 100,000 bpd two weeks ago.

ADVERTISEMENT

Amid the political instability, Libyan oil production is also unstable, and shutdowns of exports could occur at any time, further tightening the global oil market, which is already tight on supply.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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