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FX.co ★ Libya’s NOC suspends output in major oil field

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Forex-Humor:::2022-04-26T08:25:09

Libya’s NOC suspends output in major oil field

Libya’s National Oil Corporation (NOC) reported on April 17 that it had to halt production at El Feel, one of its major oil fields. The closure was caused by “a group of individuals” who tried to prevent the work of the site. When protesters entered the facility, the operation was shut down completely. Due to this event, the company can no longer meet its contractual obligations. NOC’s management declared the state of force majeure on loadings from the Mellitah terminal which eventually resulted in disruption to supply. Recently, the blockades of major oil fields in Libya have become more frequent. They are mostly done by armed groups who call themselves the preservers of Libyan oil fields. The members of the groupings demand fair distribution of revenue. The oil facility was already forced to close temporarily in early March due to such protests.

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