Apr 19, 2021
The NOC held the CBL responsible for the continued struggle facing the country’s oil sector. [Photo: NOC]
Libya’s National Oil Corporation (NOC) declared a state of force majeure as of April 19 on Al-Hariga oil port and ceased all production and export of crude oil shipments through the port.
According to a statement issued by the NOC, the force majeure is due to the refusal of the Central Bank of Libya to liquidate the oil sector budget for months on end, which has exacerbated the indebtedness of some companies, primarily Arabian Gulf Oil, which has lost the capacity to meet its financial and technical obligations and forced it to reduce the country’s crude oil production by about 280,000 barrels per day.