Libya will export two oil cargoes totaling 1.2 million barrels in July — a third less than in June — as forces opposed to the Tripoli-based government continue to block shipments from most of the OPEC member’s ports. The Bouri and Farwah terminals will each ship one cargo of 600,000 barrels, according to an initial loading program seen by Bloomberg. That compares with 1.8 million barrels shipped for all of June.
Although Libya holds Africa’s largest crude reserves, its production has plummeted to about 110,000 barrels a day, from 1.2 million last year. That’s largely because supporters of Khalifa Haftar, an eastern commander fighting against the United Nations-backed government, have halted flows from many fields and ports.
The National Oil Corp., the state energy firm, said on Wednesday that force majeure remained in place for all shipments. Force majeure is a legal status protecting a party from liability if it can’t fulfill a contract for reasons beyond its control.