Bloomberg reported on 21 July that the Libyan National Oil Corporation (NOC) declared force majeure at the Sharara Oil field located in Southwestern Libya on 20 July. The declaration of force majeure resulted from the illegal closure of a pipeline valve by an unidentified group. According to a report by Oil and Gas Middle East, due to the disruption, Libyan oil production dropped to its lowest since the beginning of 2019. On 22 July, complementary reports indicated that force majeure was lifted at Sharara oil field after 2 days. A prolonged force majeure would be critical for the country’s fragile economy as Libya depends heavily on exportation of crude oil.Click here to read the Bloomberg report and here to read the Oil and Gas Middle East report.
