Libya lifts force majeure from two oil terminals

07 July 2014

National Oil Corporation sets the scene for an increase in exports

Libya’s state-run National Oil Corporation (NOC) lifted force majeure from two of the country’s biggest oil terminals on Sunday, boosting optimism about an increase in exports.

El-Sider and Ras Lanuf are respectively Libya’s biggest and third-biggest oil terminals and have a combined capacity of 560,000 barrels a day (b/d). The two ports had been closed for nearly a year due to extended blockades by militants in the country’s east.

The rebels ended their occupation of the ports with a handover ceremony on 2 July at Ras Lanuf, attended by rebel leader Ibrahim Jathran and acting Prime Minister Abdullah al-Thani.

Speaking at the ceremony, Al-Thani officially announced “the end” of Libya’s oil crisis. Analysts remain concerned that there may be more disruptions to oil production in the near future due to political instability and continuing security problems.

Libya’s current total oil output stands at 325,000 b/d, a fraction of the 1.4 million b/d it was exporting before the port blockades began.

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