Libya loses 550,000 barrels daily due to oil fields’ closure
Oil prices rise on concerns over supply from Russia, Libya
The National Oil Corporation (NOC) said on Wednesday, that Libya is currently losing more than 550,000 barrels per day of oil production due to the closures imposed on major export fields and ports, Reuters reported.
The closures carried out by individuals who present themselves as youth groups or notables in the south and east of the country have forced the NOC to declare force majeure on production on several major fields and ports in recent days.
The declaration of force majeure represents a temporary suspension of work and protection by law to the NOC in the face of legal liability resulting from its failure to meet the oil contracts of foreign parties.
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