Libya lifts force majeure as oil blockade ends

Market: Crude oil
03/10/24

Libya has begun to ramp up crude production after state-owned NOC lifted force majeure on all fields and terminals today.

This should restore Libya's crude production to more than 1.2mn b/d, from an estimated 500,000 b/d.

NOC declared force majeure after much of Libya's output was forced offline by a blockade imposed by the country's eastern-based administration in late August. Libya's eastern-based parliament earlier this week approved an agreement to resolve a leadership crisis at the central bank, which had prompted the blockade.

NOC also lifted force majeure at the El Sharara oil field, which was shut down before the blockade. Output at the field, which normally produces about 260,000-270,000 b/d, has started, a source told Argus.

By Aydin Calik

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10/12/24

Norway to end new international fossil fuel financing

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10/12/24

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10/12/24

Opec+ crude output rises in November

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10/12/24

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