Libya’s oil production and exports are threatened again as the presidential election slated for December 24 will likely be postponed. In recent months, Libya’s oil production and exports had enjoyed relative stability, and the country planned to raise crude output, a crucial source of state income but also the bone of contention in the allocation of said oil revenues. However, with the December 24 presidential election approaching, chaos and clashes returned, and armed factions stopped production at oilfields again. On Monday, Libya declared force majeure on its oil exports after crude oil production had been shut in from four of Libya’s oilfields, including the largest 300,000-bpd El Sharara field. The oilfields were shut in by members of the Petroleum Facilities Guard (PFG), which is tasked with protecting the oilfields, according to Libya’s National Oil Corporation (NOC).

Source: Libya Today December 22, 2021 16:37 UTC