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Libyan National Oil Corporation declared Saturday force majeure after the termination of oil shipment from the ports, Bloomberg reported.

“The ports closure is an attempt by Haftar to condition the negotiations in Berlin,” said Arturo Varvelli, head of the Rome office and a senior policy fellow at the European Council on Foreign Relations. “It could be counterproductive as it could make the Europeans, who are the largest consumers of Libyan oil, very upset.”
This will result in losses in crude oil production of 800 thousand barrels per day, in addition to financial losses estimated at approximately $ 55 million per day, the NOC said.

As reported earler, Eastern Libyan ports have stopped shipping oil, which could significantly impact its economy, halving all Libyan oil export.

The National Oil Corporation (NOC) called for not using oil as an instrument of political pressure. 

“The oil and gas sector is the lifeblood of the Libyan economy ... they should not be used as a card for political bargaining,” Reuters reported referring to Chairman Mustafa Sanalla.

At the end of 2019, NOC's total revenues from oil, gas and petroleum products amounted to $ 22.5 billion, which is 8.5% lower compared to 2018.

There are two executive authorities in Libya: the internationally recognized Government of National Accord led by Fayez Sarraj, and the provisional cabinet of Abdullah Abdulrahman al-Thani, acting in the east of the country together with the parliament and supported by the Khalifa Haftar.

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