Libya’s National Oil Company NOC has once again shocked the oil market by officially declaring force majeure on its operations at the El Sharara oilfield, the largest oilfield in the country. After months of continued optimism in the media and political statements coming out of Paris and Rome about a possible peace deal between the two competing governments, led by Libyan general Haftar and his counterpart El Serraj, the situation on the ground is looking even worse than before. The eagerly awaited oil production increase from Libya, which could supposedly mitigate the effects of falling production from Iran and Venezuela, now seems unlikely to happen. NOC officials stated that the production of the 315,000 bpd field, which is located in the south of Libya, has been blocked by protestors and militias in the area. A group of tribes, armed protestors and guards took over the field on December 8, […]