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Tuesday, May 17, 2022

Maritime Logistics Professional

April 19, 2022

Libya's NOC Declares Force Majeure at Brega Oil Port

© Puchthanun / Adobe Stock

© Puchthanun / Adobe Stock

Libya's National Oil Corporation (NOC) declared force majeure at the Brega oil port on Tuesday, saying it was unable to fulfil its commitments towards the oil market.

"At a time when oil prices are witnessing a significant recovery due to the increase in global demand... Libyan crude is subjected to a wave of illegal closures," the state-owned company said in a statement.

(Reuters - Reporting by Ahmed ElumamiWriting by Ahmad ElhamyEditing by Louise Heavens)