Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Libya NOC declares force majeure on largest oil field


January, 08 2024
watermark Economic news

The Libyan National Oil Corporation (NOC) has declared force majeure on the country's largest Sharara field since January 7 due to its blocking by protesters.


The protests led to the suspension of oil supplies from the field to the Zawiya export terminal. Negotiations are currently underway to restore production as soon as possible, according to representatives of the company.


The Sharara field has a production capacity of 300 thousand barrels per day. The field is managed by a joint venture of NOC, Equinor, OMV, Repsol and TotalEnergies. A week earlier, it was also reported about the suspension of production at the El-Feel field (in the amount of 70 thousand barrels per day), and so far there is no new information about the status of operations at this field.


Experts believe that the events in Libya may have an impact on the prices of light oil in the Mediterranean and support such varieties as Azerbaijani Azeri Light, Algerian Saharan Blend and Kazakh CPC Blend.


According to the latest OPEC report, Libya produced 1.178 million barrels of oil per day in November 2023.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.