The Libyan National Oil Corporation (NOC) has announced halting oil exports from Es Sidr port because of its inability to make up for the tanks destroyed by wars, saying that oil ports in Libya aren’t operating well due to bad weather conditions, hindering connecting docked vessels at the port.
The NOC added in a statement on Tuesday that due to the lack of sufficient storage capacities, the oil in depots in the port increased, which forced Waha Oil Company to reduce crude production rates of Es Sidr by about 50,000 barrels per day (bpd), adding that bad weather conditions may lead to a further reduction in daily production, reaching 105,000 bpd.
The NOC also reiterated that Waha Oil Company and Brega Company have shortage of storage capacities due to the destruction they have suffered during wars in the past years.
“The country’s only source of income is now going through a lack of funding, which has made the NOC lose storage flexibility, burdened the country with additional financial costs, and lost an important part of the guaranteed income due to the drop of oil production capacities, which will improve when the weather is improved, so that oil shipments of resume in order for the NOC to return to normal oil output rates.” The NOC explained.
