Libya Announces Forced Closure of Brega Oil Port

Libya Announces Forced Closure of Brega Oil Port

The National Oil Corporation (NOC) of Libya announced the fourth wave of closure has negatively affected Brega crude and has decided to declare force majeure on the oil port of Brega.

The company elaborated that it would be impossible for the port to remain committed to its obligations toward the oil market.

NOC condemned these closures saying “At a time when oil prices are recovering significantly due to increased global demand, which is being exploited by all producing countries to increase their oil revenues, the Libyan crude is being subjected to a wave of illegal closures.”

The company elaborated that such actions will lead to serious damage to wells, reservoirs and surface equipment for the oil sector, as well as the loss of state treasury opportunities at prices that may not be repeated for decades to come.

In the meantime, NOC warned that if production has been stopped at Sirte’s oil and gas production and manufacturing company, it will affect the stability of the public electricity network, especially in the eastern region, as most power plants feed on gas produced from the company’s fields.

Recently, Libya has been experiencing a series of shutdowns for its major oil fields announcing force majeure after workers were prevented were attending to their duties and production was halted.


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