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OPEC’s Libya Edges Closer to Reopening Battered Oil Sector

  • Force majeure to be lifted, except where fighters remain: NOC
  • Goldman sees daily output rising to 550,000 barrels this year

Source: AFP via Getty Images

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Libya moved closer to reopening its battered oil industry after the state energy firm said it would resume exports, though only from fields and ports that are free of foreign mercenaries and other fighters.

The National Oil Corp. is ending force majeure -- a legal status protecting a party that can’t fulfill a contract for reasons beyond its control -- at “secure” facilities in the conflict-ridden nation and has told companies to resume production. The shutdown would continue elsewhere until militias leave, the NOC said in a statement Saturday.