In a fresh blow to Libya’s fragile oil sector, the National Oil Corporation (NOC) declared force majeure on exports from the Sharara oilfield on Monday, January 2nd.
The move came after an unidentified armed group shut down production at the facility, Libya’s largest, producing over 300,000 barrels per day.
This marks the third force majeure declaration by the NOC in a week, highlighting ongoing political instability and security challenges that threaten to choke Libya’s vital oil revenue stream and derail its economic recovery.
With Sharara offline, concerns about reduced exports, higher global oil prices, and further economic delays are mounting, as the situation remains fluid and the group’s motives unclear.
