Reuters reports that Libya has declared a Force Majeure on some oil shipments. A force majeure would clear companies of some contractual obligations due to events beyond their control. Specific details relating to the force majeure declaration are unclear and all ports are not effected by the turmoil.
To read the Reuters article, please click here:
http://www.reuters.com/article/2011/02/22/us-libya-fuels-exports-idUSTRE71L5ZO20110222
James Sutliff