Libya declares a state of force majeure at the Es Sider oil port.

Informed commercial sources revealed to Reuters agency today, Monday, that the National Oil Corporation in Libya announced last week a state of force majeure on several crude oil shipments from the oil port of Es Sider.

The sources clarified that this announcement comes as production continues to be disrupted due to a political dispute over the leadership of the Central Bank of Libya (the sole legal depositary of oil revenues), and that the corporation has not declared a state of force majeure on all loading operations at the port, which would have halted all loading operations.

Earlier, the Libyan Minister of Oil and Gas, Khalifa Abdul-Sadek, stated in an interview with Sky News channel that his country aims to increase its oil production to 1.4 million barrels per day by the end of 2024 from 1.2 million barrels per day, according to the Libyan National Oil Corporation's plan, which spans over 3 years.

In this regard, Abdul-Sadek mentioned that the Libyan National Oil Corporation's plan aims to increase production to around two million barrels, by the end of the plan after 3 years, adding that Libya expects to allocate investments worth $17 billion in the energy sector to increase the country's oil production.

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