After weeks of ‘protestor-led’ interruptions to loadings from the eastern Libyan oil terminals of Es Sider and Ras Lanuf, the country’s National Oil Corporation (NOC) declared force majeure on both ports this week. At the same time, production has continued its downward trajectory and fallen by 865,000 b/d, according to NOC which implies current output of just over 300,000 b/d.

“Our patience has run out after we have repeatedly tried to avoid declaring the state of force majeure, but the implementation of our obligations has become impossible,” NOC chairman Mustafa Sanalla said in a statement released late on 30 June. (CONTINUED - 651 WORDS)