In a statement on Monday, 26^th April 2021, the National Oil Corporation of Libya (NOC) stated that crude loadings out of the 250,000 b/d Marsa el-Hariga terminals were set to resume after it lifted the force majeure on exports out of the eastern terminal.

On April 19^th, Libya’s NOC declared force majeure on crude exports out of the key Marsa el-Hariga terminal, after its subsidiary, Agoco, shut down output due to lack of funds. Agoco is the operator of the Sarir, el-Bayda, Hamada, Mesla, Nafoora and Majid oil fields, which have a combined capacity of 280,000 b/d.

Lifting the force majeure follows the oil and gas ministry settling a funding dispute and agreeing to pay Dinars 1.048 billion ($232.4 million) to the NOC. On April 21^st, the Ministry announced that it had already transferred Sinars 500 million to the NOC.

Although there are concerns that the Petroleum Facilities guard might block the Es Sider export terminal due to a dispute over field allowances, the lifting may be a significant step to returning the North African country to its previous production and export volumes from earlier this year.

The NOC recently said in a note that “With clear budget and technical issues, risks are growing to our supply forecast through year-end of 1.2 million b/d, let alone the NOC’s target of 1.45 million b/d.”

According to S&P Global Platts OPEC Survey, Libya pumped its highest since June 2013, with 1.19 million b/d.