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Libya's NOC Declares Force Majeure on El Feel Oil Field from Sept. 2

A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
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Libya's NOC Declares Force Majeure on El Feel Oil Field from Sept. 2

A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)
A view shows Sharara oil field near Ubari, Libya, July 6, 2017. Picture taken July 6, 2017. (Reuters)

Libya's National Oil Corp. (NOC) declared force majeure on El Feel oil field from Sept. 2, it said in a statement on Monday.

The field, which has a capacity of 70,000 barrels per day, is operated by Mellitah Oil and Gas, which is a joint venture between NOC and Italy's Eni.

Oil exports at major Libyan ports were halted on Monday and production curtailed across the country, amid a standoff between rival political factions over control of the central bank and oil revenue.

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World Food Price Index Eases in Dec, Pushed Lower by Sugar

A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)
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World Food Price Index Eases in Dec, Pushed Lower by Sugar

A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vendor arranges vegetables at a roadside market on a cold winter evening in New Delhi on January 2, 2025. (Photo by Sajjad HUSSAIN / AFP)

The United Nations' world food price index dipped in December against November levels, led lower by a drop in international sugar quotations, but still showed a robust gain year-on-year, data showed on Friday.
The index, compiled by the UN Food and Agriculture Organization (FAO) to track the most globally traded food commodities, fell to 127.0 points last month from a slightly revised 127.6 in November.
The November figure was previously put at 127.5, Reuters reported.
The December value was up 6.7% from 12 months previously, yet remained 20.7% below the all-time high reached in March 2022, FAO said.
For 2024 as a whole, the index averaged 122.0, 2.1% lower than the 2023 value, offsetting significant decreases in quotations for cereals and sugar with smaller increases in prices for vegetable oils, dairy and meats.
Sugar prices led December's monthly decline, dropping 5.1% month-on-month thanks to improving sugarcane crop prospects in the main producing countries to stand 10.6% below its December 2023 level.
Dairy prices declined after seven consecutive months of increases, losing 0.7% from November but still posting a 17.0% gain year-on-year. Vegetable oil prices dropped 0.5% month-on-month, but were up 33.5% on their year-earlier level.
Meat prices rose 0.4% in December from November and stood 7.1% above their December 2023 value.
The FAO cereal price index was little changed last month from November and was 9.3% below its year-earlier level, as a slightly uptick in maize quotations offset a drop in those for wheat, FAO said.
FAO did not provide a new forecast for global cereal production, with the next estimate due next month.