Libyan Oil Exports Halt Amid Political Standoff

Libya's National Oil Corp. (NOC) declared force majeure on the El Feel oil field due to political tensions. The 70,000 barrels per day field, operated by Mellitah Oil and Gas—a joint venture between NOC and Eni—was shut down. Oil exports at major ports were halted, disrupting production countrywide.

Libya's National Oil Corporation (NOC) announced a force majeure on the El Feel oil field starting from September 2, according to a statement released on Monday.

The El Feel field, with a capacity of producing 70,000 barrels per day, is managed by Mellitah Oil and Gas, a collaborative venture between NOC and Italian energy company Eni. As of Monday, oil exports at major Libyan ports have been suspended and production has been significantly curtailed throughout the country.

This disruption comes in the wake of a standoff between competing political factions wrestling for control over the central bank and the allocation of oil revenue.

(With inputs from agencies.)