Libya’s National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country’s centralbank.
Daily lost income “may exceed 118 million dinars ($26 million),” NOC said in its statement.
For the latest headlines, follow our Google News channel online or via the app.
The port was expected to load about 180,000 barrels per day (bpd) in April, on board six tankers, according to a loading schedule.
Libyan oil output hit 1.28 million bpd in March, the country told the Organization of the Petroleum Exporting Countries, an eight-year high.
Brent oil prices were trading 92 cents, or 1.4 percent higher, at $67.97 a barrel on Tuesday, after hitting $68, the highest since March 18, earlier.
Arabian Gulf Oil Co (AGOCO), the NOC subsidiary which runs Hariga, said on Sunday it had suspended output because it had not received its budget since September. Its Hariga port manager and an oil engineer said production had been reduced.
NOC said the Central Bank of Libya (CBL) had refused to finance the oil sector for months, adding that “this painful reality may extend to the rest of the companies.”
Libyan oil output was halted for much of last year after eastern-based forces in the country’s civil war blockaded oil terminals, causing NOC to declare force majeure on all exports.
Production resumed after a deal that emerged after fighting ended last summer, but before the major peacemaking effort that has led to a new unity government.
Oil prices slip slightly as rising COVID-19 infections spark demand concernsOil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the ... Coronavirus
Militants attack oil wells in northern Iraq: MinistryMilitants using explosives attacked two oil wells northwest of Kirkuk in northern Iraq on Saturday but no significant damage resulted and production ... Middle East
Oil prices near one-month highs as demand outlook improves, as per industry forecastsOil prices eased on Thursday but remained close to a one-month high driven by more positive demand forecasts from the International Energy Agency and ... Energy
IEA ups oil global demand forecast as COVID vaccinations brighten outlookVaccine rollouts are brightening the outlook for global oil demand, the International Energy Agency (IEA) said on Wednesday, though rising cases in ... Energy
Abu Dhabi oil giant ADNOC considers IPO of drilling business on local market: SourcesAbu Dhabi National Oil Company (ADNOC) is considering listing its drilling business on the local stock market, according to three sources familiar ... Energy
OPEC+ panel lowers 2021 oil demand growth forecast by 300,000 bpdOPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market’s recovery amid a wave of new ... Energy