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Libya's state oil company to declare force majeure if clashes at oil terminals press on

The board member of the Libyan National Oil Corporation (NOC) Jadallah Al-Okli, has confirmed that Libya's oil output has shrunk by 80 thousand barrels per day.

"Libya's oil production has experienced a backlash hitting a bit over 615 thousand bpd after it had boomed over the last week."

Libya's oil ports have been the arena of recent clashes between Benghazi Defense Brigades and the forces of Dignity Operation, which were pushed out of two oil terminals in the oil crescent region.

On Sunday, Al-Okli said the shutdown of oil production from Al-Waha Company operated oilfields is the reason of the decreasing rates of production.

"The oilfields were closed because of the difficulty of continuing work at Essidra oil terminal after the precautionary evacuation of great number of workers." He further explained .

"And Ras Lanuf oil terminal is no exception to Essidra's case." He remarked.

He added that it is highly likely that the NOC would declare the state of force majeure if the clashes around the oil terminals linger any longer.

Al-Okli elaborated by saying that the emergency committee of the NOC is working nonstop to monitor and assess the status quo at the oil facilities and the possible damage that could take place because of the current clashes in the oil crescent region.

Libya's oil production hit 700.000 bpd earlier with the NOC eagerly saying it is planning to increase the production to over one million bpd by the end of 2017.

 

(libyaobserver)


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