Economics
Libyan Oil Exports Impaired as Some in OPEC Seek More Supply
- Halted oil ports account for 40 percent of Libya’s oil exports
- Country has struggled to stabilize exports amid war, unrest
A general view shows an oil facility in the northern oil rich Libyan town of al-Buraqah.
Photographer: ABDULLAH DOMA/AFP/Getty Images
This article is for subscribers only.
Two of Libya’s biggest oil ports stopped loading on Thursday after clashes erupted between rival forces for control of the country’s economic lifeline, taking more barrels off the market just as OPEC debates whether to boost production.
Fighting at Es Sider and Ras Lanuf terminals led to the loss of about 240,000 barrels of Libya’s daily oil production, state energy producer National Oil Corp. said in a statement Thursday. NOC evacuated staff from both terminals, which account for 40 percent of Libya’s oil exports, and declared force majeure on shipments.