Libya Halts Operations at El Feel Oilfield, Zueitina Port Due to Protests

A view shows Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya August 18, 2020. Picture taken August 18, 2020. (Reuters)
A view shows Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya August 18, 2020. Picture taken August 18, 2020. (Reuters)
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Libya Halts Operations at El Feel Oilfield, Zueitina Port Due to Protests

A view shows Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya August 18, 2020. Picture taken August 18, 2020. (Reuters)
A view shows Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya August 18, 2020. Picture taken August 18, 2020. (Reuters)

Libya halted oil production from its El Feel oilfield on Sunday and two sources at Zueitina oil port said exports there had been suspended after protesters calling for Tripoli-based Prime Minister Abdulhamid al-Dbeibah to resign took over the sites.

Halting operations in El Feel and Zueitina would cripple Libya's oil production which averaged 1.21 million barrels per day before the latest outages. The force majeure on El Feel curtails the North African nation's production by 70,000 barrels per day.

Libya has had two competing governments since March when the eastern-based parliament appointed Fathi Bashagha to replace Dbeibah, renewing a standoff between the east and west of the country. Dbeibah has refused to cede power to Bashagha who has not made into Tripoli yet. The state-owned oil company NOC said in a statement that a group of people, which it did not identify, had entered the facilities of El Feel the previous day and prevented employees from working.

Meanwhile, two oil engineers at Zueitina told Reuters that protesters got into the port on Sunday morning preventing a tanker from loading 1 million barrels at the port.

The protesters at Zueitina said in a video statement circulated on social media that they will halt production in the port and its oilfields until Dbeibah leaves office.

Describing themselves as a group of Zueitina residents including elders, the protesters also called for the sacking of NOC's chief, Mustafa Sanalla, in objection to the company transferring oil revenues to Dbeibah's government.

The ministry of finance said NOC transferred $6 bln from oil revenues to the ministry's account in the central bank on Thursday.

No immediate comment was available from Dbeibah's office.

The ministry of oil and gas said on Sunday in a statement that these closures "will harm NOC's position in the global markets as a result of its inability to implement its obligations."



Boeing Shares Drop after Air India Crash

A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave
A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave
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Boeing Shares Drop after Air India Crash

A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave
A tail of an Air India Boeing 787 Dreamliner plane that crashed is seen stuck on a building after the incident in Ahmedabad, India, June 12, 2025. REUTERS/Amit Dave

The crash of an Air India 787-8 Dreamliner jet minutes after taking off on Thursday poses another challenge for Boeing, whose new CEO has been trying to rebuild trust following a series of safety and production challenges.

It was not clear what caused the crash, as air disasters can occur for a number of different reasons. The London-bound plane crashed in India's western city of Ahmedabad, authorities said, in the world's worst aviation disaster in a decade.

The disaster, in which most of the 242 people on board were killed, muddies the efforts of CEO Kelly Ortberg to move past its recent issues after the planemaker hit production targets in May and received a vote of confidence from airline bosses in recent months. Shares were down about 4.9% on Thursday. Boeing said it was aware of the initial reports and was working to gather more information.

Before the crash, airline executives had been voicing greater confidence in Boeing's rebound in deliveries and in Ortberg's leadership after years of reputational damage for the planemaker.

At a recent summit in New Delhi, executives were more optimistic over Boeing's crises around safety and regulation. The widebody 787 planes, one of the most modern passenger aircraft in service, have never had a fatal crash until the Air India incident. They were grounded in 2013 due to battery issues, but no one was reported injured.

"It's a knee-jerk reaction (to the incident) and there's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group.

Boeing's narrowbody 737 MAX jets were grounded for years following two fatal crashes and have faced years of scrutiny and production delays. Last year, the US planemaker came under renewed scrutiny after a door plug blew off a 737 MAX 9 mid-flight, prompting a temporary FAA grounding and fresh concerns over quality control.

Shares of Spirit AeroSystems, a key supplier, and GE Aerospace, which makes engines for the jet, also fell about 2% each. GE Aerospace said it has activated its emergency response team and would support the investigation, but did not specify if the Air India aircraft was equipped with its engines.

The engine maker did not immediately respond to a Reuters request for comment.

Boeing's outstanding debt also sold off modestly after the crash. Its bonds maturing in May 2029 were trading at 88 basis points over Treasuries, or 10 basis points wider than on Wednesday, according to a bond broker.