Libya’s NOC declares force majeure on exports from Brega port
The National Oil Corporation says it is unable to fulfill its commitments towards the oil market because Libyan crude is subjected to a wave of illegal closures
The National Oil Corporation (NOC) declared on Tuesday force majeure on the Brega oil port due to the impossibility of implementing its commitments towards the oil market.
“Libyan crude oil is subject to a wave of illegal closures at a time when oil prices are witnessing a significant recovery due to the increase in global demand for it”, NOC said.
It warned that these closures would have extreme damage to wells, reservoirs and surface equipment for the oil sector, in addition to losing the state treasury to achieved sales opportunities at prices that may not be repeated for decades to come.
The NOC also warned that stopping production at the Sirte Oil and Gas Company will affect the stability of the public electricity grid, especially in the eastern region, as most of the electrical stations feed on gas produced from the company’s fields.
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