Libya’s oil exports dropped by 81% last week as the National Oil Corporation (NOC) halted shipments amid a growing crisis involving the Central Bank of Libya and oil revenues, according to Reuters.
Libyan ports averaged 194,000 barrels of crude oil per day during the period, a sharp decline from previous levels.
Despite the severe drop, the NOC has not declared a full force majeure on all port shipments but has instead applied the measure to individual ones, particularly affecting output from the Al-Fil oil field and exports from the Sharara field.
The NOC reportedly cancelled several shipments last week, though some tankers were still permitted to load oil from storage at Libyan ports in order to meet contractual obligations and avoid financial penalties.
Economy
