Libya’s National Oil Corporation (NOC) could declare force majeure on oil exports from several key export terminals in the Gulf of Sirte amid continued blockades and closures of oil-producing and export infrastructure, the corporation said on Monday as Libya’s political crisis continues. NOC is currently considering declaring force majeure within the next 72 hours unless production and shipment of oil resume in the Gulf of Sirte, Libya’s state-owned oil company said in a statement. The Gulf of Sirte hosts the oil export terminals Zueitina, Brega, Ras Lanuf, and Es Sider. The possible force majeure would come after weeks of protests and closures amid the new rift in Libya’s political class over who should be governing the country. Amid the political instability, Libyan oil production is also unstable, and shutdowns of exports could occur at any time, further tightening the global oil market, which is already tight on supply.

Source: Libya Today June 27, 2022 16:30 UTC