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Libya declares force majeure at two oil ports

by ChemOrbis Editorial Team -
  • 15/12/2014 (16:38)
According to media reports, Libya’s National Oil Corporation (NOC) declared force majeure on oil output from the Es Sider and Ras Lanuf oil ports, the largest and third largest oil ports in the country, respectively. The two ports have a combined capacity of 560,000 barrels a day.

It was reported that ongoing armed clashes in the country were behind the company’s force majeure declaration.

In addition, in Nigeria, Africa’s largest oil producer, two oil unions began an indefinite strike. The workers on strike have requested that the government cut gasoline prices in line with decreasing crude oil prices and pass a new oil law regarding the maintenance of oil refineries. Nigeria’s oil output declined by around 3.2% during the last oil workers’ strike and there are concerns that the new strike may also limit export availability from Nigeria.

Meanwhile, NYMEX January crude futures increased as much as 3 cents to $57.84/barrel during intraday trading while Brent crude on the ICE Futures Europe exchange for January also climbed 53 cents to $62.38/barrel on December 15.
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