Libya’s NOC declares force majeure after Haftar orders halt of oil exports

The National Oil Corporation (NOC) of Libya declared force majeure after termination of oil shipments from terminals, the company said on its website.

The management of NOC subsidiaries was instructed “to stop oil exports from Brega, Ras Lanuf, Hariga, Zueitina, and Sidra ports,” the company said. NOC received instructions from the General Command of the Libyan National Army (LNA).

“This will result in a loss of crude oil production of 800,000 barrels/day and daily financial losses of approximately $55 million per day,” NOC said.

Total revenues of the company from sales of oil, gas and oil products equaled $22.5 bln, down 8.5% in annual terms.

Currently, Libya has two supreme executive authorities, namely the internationally-recognized Tripoli-based Government of National Accord headed by Prime Minister Fayez al-Sarraj, and the interim government of Abdullah al-Thani, seated in the east of the country, along with the elected parliament, which is supported by the Libyan National Army headed by Field Marshal Khalifa Haftar.