Libya Suspends Oil Production at Sharara Field Due to Protests

By By Rediff Money Desk, CAIRO
Jan 08, 2024 00:34
Libya's largest oil field, Sharara, has been shut down after protesters forced its closure, citing fuel shortages. The National Oil Corp. declared force majeure, suspending crude oil supplies to the western Zawiya terminal. Negotiations are underway to resume production.
Cairo, Jan 7 (AP) Production at Libya's largest oil field was suspended on Sunday, the country's state-run oil company said, after protesters forced the facility to close over fuel shortages.

The National Oil Corp. declared force majeure at the Sharara oil field in the country's south starting Sunday. Force majeure is a legal maneuver that releases a company of its contractual obligations because of extraordinary circumstances.

The company said in a statement that the closure of the field forced the suspension of crude oil supplies to the western Zawiya terminal on the Mediterranean coast.

Libya produces more than 1.2 million barrels of oil per day, and Sharara is the country's largest field, with a capacity of up to 300,000 barrels per day.

The company said negotiations with the protesters were underway to resume production “as soon as possible.”

Local media reported that residents of the desert town of Ubari, about 950 kilometers (590 miles) south of the capital Tripoli, shut down the field to protest fuel shortages.

The protesters also called for rehabilitating infrastructure and repairing roads in the southwestern region of Fezzan, one of the historic three provinces of Libya. They had closed the field for two days in July.

Libya's light crude has long featured in the country's yearslong civil conflict, with rival militias and foreign powers jostling for control of Africa's largest oil reserves.

Libya has been in turmoil since a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011. The North African nation has for most of the past decade been split between rival administrations in the east and the west, each backed by militias and foreign governments. (AP)

Read More On:
libyaoil productionsharara oil fieldprotestsfuel shortagesforce majeurenational oil corp.zawiya terminalcrude oilcivil conflict
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

Credit Saison India Raises Record USD 300...

Credit Saison India has secured USD 300 million (about Rs 2,250 crore) through its...

Sebi Fines Reliance Securities Rs 7 Lakh for...

Sebi has penalized Reliance Securities Rs 7 lakh for breaching stock broking norms,...

Stock Market Crash: Akhilesh Warns of Recession

Samajwadi Party chief Akhilesh Yadav warns of a recession in India, citing the recent...

Stock Market Crash: Rs 14 Lakh Cr Wiped Out

Indian stock market suffers major losses, eroding investor wealth by Rs 14 lakh crore...

Mudra Yojana: 25,000 Beneficiaries Added under...

Lenders added nearly 25,000 beneficiaries under the Tarun Plus category of PM Mudra...

Synergy Marine Founder Wins National Maritime...

Rajesh Unni, founder of Synergy Marine Group, receives India's highest maritime honor,...

Cordelia Cruises Expands Fleet with Norwegian...

Cordelia Cruises has acquired Norwegian Sky and Norwegian Sun, doubling its capacity...

Alvarez & Marsal Appoints Shweta Jha as MD -...

Alvarez & Marsal appoints Shweta Jha as Managing Director of Business Transformation...

India Healthcare Hiring Surges 62% in March:...

India's healthcare sector saw a 62% rise in hiring in March, driven by tech...

Sitharaman to Attend India-UK Economic Dialogue...

Finance Minister Nirmala Sitharaman will attend the India-UK Economic and Financial...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2025 Rediff.com