The Libyan National Oil Corporation (NOC) said closure of crude valves that pump oil out of Sharara and El Feel oilfields led to the loss of 330.000 barrels per day (bpd) worth over 160 million dinars.

The NOC Chairman, Mustafa Sanallah, said dubious gangs led by Mohammed Al-Basheer Al-Gurj shut the valves, which made it impossible to meet the commitments to oil refineries in the market, thus announcing force majeure.

“Who is benefiting from these shutdowns as prices jumped to over 100 dollars a barrel. The same gang closed the same valves between 2014 and 2016 in line with the increased prices then.” Sanallah added.

Sharara oilfield that produces 290.000 bpd was shut down on Friday after an armed group closed a main valve that pumps oil for exportation. On Thursday, the NOC suspended exports in six ports due to bad weather conditions but the Oil and Gas Minster rendered the step as a violation of national security.