Clashes hit Libya's Crude Oil Output

By John Lee.

According to a report from Bloomberg, Libya’s crude output has fallen 11 percent as clashes over the past 10 days have led to the closing of some oil export terminals.

It claims that production is down from about 700,000 barrels per day (bpd) to around 620,000 bpd as Es Sider, the country’s biggest oil port, and Ras Lanuf, its third-largest, remain closed.

The Waha oil field, which supplies Es Sider, has reportedly stopped production. The field is owned operated by Waha Oil Company, and owned by the National Oil Corporation (NOC) (59.16%), ConocoPhillips (16.33%), Marathon Oil (16.33%), and Hess Corp (8.16%).

One source said that Libyan authorities may declare force majeure at the ports if clashes escalate in the area.

(Sources: Bloomberg, Reuters)

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