Libya violence flares, crude exports halted
Libya
TRIPOLI, March 6, 2017 – Clashes between rivalling groups in Libya halted crude exports from two oil terminal over the weekend, threatening to undo many of the gains made in the oil-rich North African country.
Benghazi Defence Brigade units captured the Es Sider and Ras Lanuf oil terminals on Friday, with the National Oil Company (NOC) forced to suspend operations.
No force majeure has been declared yet, and output remains steady. However, the NOC said a prolonged closure of the ports would at some point necessitate a production cutback.
The Libyan National Army retaliated with airstrikes on Friday and Saturday, with ground forces regrouping for a land-based counterattack.
Libya was able to open the taps in late 2016, following an end to a two-year-long blockade of the western pipeline systems. Production was able to recover from lows of 270,000 bopd in the middle of last year to around 700,000 bopd.
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