Libya's state-owned energy firm said on Sunday it had declared a state of "force majeure" at Al-Sharara oilfield after production at the major facility was suspended due to protests. Declaring "force majeure" allows parties to free themselves from contractual obligations when factors such as fighting or natural disasters make meeting them impossible. "The closure has resulted in the suspension of crude oil supplies from the field to Zawiya terminal," the oil company said. RELATED Oil protests in Libya as Italy signs energy deal MENAThe interruptions in crude production have been caused by social and political protests amid clashes between rival factions. The blockages have resulted in hundreds of billions of dollars in lost revenue, according to the Central Bank of Libya.
