Libya’s National Oil Corporation has announced that the country’s production and export operations will resume at normal levels “within hours” after General Khalifa Haftar, the military strongman controlling eastern Libya, agreed to allow four export ports to reopen.
The closure of the facilities had taken some 800,000 barrels per day off the global market and reduced the country’s exports by more than 70 per cent.
NOC said in a statement posted on its website that force majeure, a legal waiver on contractual obligations, had been lifted on the ports of Ras Lanuf, Es Sider, Zueitina and Hariga.
General Haftar had briefly lost control of the ports last month after an attack by militias, but after seizing them back he said he would not allow the Tripoli-based NOC to resume operations there and that exports would be managed by a rival company in the east of the country.
Under UN Security Council resolutions, NOC is the only Libyan body authorised to export the country’s oil.