The NOC said it was “obliged” to declare a state of force majeure on Al Sharara “until further notice”. Al-Sharara is Libya’s biggest oilfield, and the move effectively suspends all Libyan oil production and exports. Two rival governments have now emerged in Libya, with incumbent Prime Minister Deibah refusing to step down for newly sworn-in eastern prime minister Fathi Bashaga, who last week said his forces would take over the capital Tripoli peacefully. Early on Monday, the initial force majeure declarations pushed oil prices higher, with Brent trading above $111 per barrel. With the latest force majeure declaration for Al-Sharara, oil prices are pushing higher still, with Brent at $113 at the time of writing (2:47pm EST) and WTI above $108.

Source: Libya Today April 18, 2022 22:32 UTC