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  • Libya's National Oil Corporation said crude exports have been suspended from one of the country's top terminals following the central bank's "refusal" to release budget funds. Strife-torn Libya's energy sector has sprung back to life since a ceasefire deal between warring parties in October. Oil production has stabilised at about 1.2 million barrels per day since December, but remains below pre-war levels of around 1.6 million bpd. "The National Oil Corporation announces a state of force majeure as of April 19, 2021 for the interruption of producing and exporting of crude oil shipments through the port of Hariga," the NOC said in a statement issued on Monday. "This announcement comes as a result of the Central Bank of Libya's refusal to liquidate the oil sector budget for long months," it added. The state of force majeure allows the NOC to be exonerated from responsibility in the event of non-compliance with delivery contracts. The NOC said the situation had led to the "exacerbation of the indebtedness of some companies" that have been unable to meet financial and technical commitments. The funds received to date represented "less than two percent of the needs of NOC and its companies to achieve the targets set for the year 2021", it added. The Arabian Gulf Oil Company, which like other NOC subsidiaries relies on state finances to operate, was among those forced to reduce production. The NOC alleged that the central bank "with such actions seeks to politicise the national oil sector". Libya, which has Africa's largest proven crude oil reserves, has struggled to emerge from violence and political turmoil since its descent into chaos in the aftermath of the 2011 NATO-backed uprising that ousted dictator Moamer Kadhafi. A unity government was installed last month to oversee the transition to December elections. Last week, the NOC announced a record increase in revenues generated by the sale of hydrocarbons, which exceeded $2 billion in March. rb/hme/dv/lg
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  • Libya halts oil exports from key terminal
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