Libya’s National Oil Corporation has declared force majeure on the port of Hariga due to lack of funds for infrastructure repairs, pushing the country’s crude oil production below 1 million bpd for the first time in months as NOC was forced to suspend production at several fields. The company blamed the shortage of funds on Libya’s central bank. “While the National Oil Corporation understands the motives of the suspension which is outside the control of the company and seeks an excuse for the government of National Unity due to the delay in approving the budget for the year 2021, it places full legal responsibility on the Central Bank of Libya, which refused to liquidate the financial arrangements approved in accordance with the decision of the former Government of National Accord,” NOC said in a statement. NOC went on to blame the central bank for acting as the indirect cause […]