Commodities
Libya Declares Force Majeure on Key Oil Field as Rift Widens
- The El-Feel site was pumping about 70,000 barrels a day
- Rival governments are wrestling over control of central bank
The nation was pumping about 1 million barrels daily before the halt order, with the vast majority of that coming from the east.
Source: AFP/Getty Images
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Libya’s state oil firm declared force majeure on key field El-Feel amid a widening shutdown of production triggered by a power struggle in the OPEC member.
The force majeure, a legal clause that allows companies to suspend contractual obligations due to circumstances beyond their control, came from National Oil Corp. after authorities in the east stopped all output and exports in a dispute with rivals over control of the central bank.