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London, 20 April 2021:
Libya’s state National Oil Corporation (NOC) announced a state of force majeure as of April 19, 2021 for the interruption of producing and export of crude oil shipments through the port of Hariga.
The NOC said this comes as a result of the Central Bank of Libya’s (CBL) failure over the last months to liquidate the oil sector budget. This, the NOC added, has led to an exacerbation of the indebtedness of some companies and on the top of which is the Arabian Gulf Oil Company (AGOCO), which has made it lose the ability to fulfil its financial and technical obligations and forced it to reduce the country’s production of crude oil by about 280 thousand barrels per day.