Libya has declared a force majeure on oil exports, even as oil prices worldwide are crashing. Libya’s National Oil Company (NOC) has said that crude oil production has been shut in from four of Libya’s oilfields, including the prolific El Sharara. El Sharara, Libya’s largest oilfield, has a capacity of 300,000 bpd. Other oilfields that are shut in include El Feel, Wafa, and Hamada. The oilfields were shut in by members of the Petroleum Facilities Guard (PFG), which is tasked with protecting the oilfields, according to the NOC. The PFC reportedly closed a valve on a pipeline going from Sharara to the Zawiya port, and another value from Wafa to Mellita. A senior management reshuffling at Akakus Oil Operations—the operated of El Sharara—is rumored to be the bone of contention. Akakus is a JV between Libya’s NOC, Repsol, OMV, Equinor, and TotalEnergies. As a result, the NOC has declared […]