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1/18, 4:03 PM (Source: TeleTrader)
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NOC declares emergency as LNA allegedly blocks oil transport in Libya

The Libyan National Oil Corporation (NOC) has proclaimed a state of emergency on Saturday after the Libyan National Army (LNA) allegedly blocked several ports in the country form transporting oil.

The NOC wrote on Facebook: "NOC declares force majeure after LNA blockades oil exports from Brega, Ras Lanuf, Hariga, Zueitina and Sidra ports. This will result in a loss of crude oil production of 800,000 b/d and daily financial losses of approximately $55 million per day." Earlier today, the United Nations Support Mission in Libya (UNSMIL) also published a statement, saying it "expresses deep concern over current efforts to disrupt or impair oil production in Libya," adding that the "move would have devastating consequences first and foremost for the Libyan people who depend on the free flow of oil for their well-being" and "the country's already deteriorated economic and financial situation."

A peace conference regarding the situation in Libya is scheduled to begin in Berlin on January 19.

Breaking the News / MS