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Libya's oil exports plunge in Sept, production still primarily shut

Libya's petroleum exports have actually dropped to about 400,000 barrels per day (bpd) this month from August's 1.02 million bpd, port and shipping information reveal, as the OPEC member faces a political crisis that has slashed output.

The bulk of Libya's crude exports this month were destined for Italy and Greece, information from oil analytics firm Kpler and port agent information reveal, with some heading to China and Canada.

Libya is embroiled in a political stand-off that has shut in much of its oil production.

The crisis started last month when western Libyan factions transferred to oust reserve bank governor Sadiq al-Kabir, prompting eastern factions to declare a shutdown to all oil output.

The National Oil Corporation, which manages Libya's fossil fuel resources, has actually not stated force majeure on all port loadings, deciding to use the step on private cargoes.

It stated force majeure on all crude production at El Feel oilfield on Sept. 2 and on exports from the Sharara field on Aug. 7, before the crisis over the reserve bank started.

The corporation stated on Aug. 28 that oil production had dropped by more than half from normal levels to about 590,000 bpd, but has not made public any new production figures since.

(source: Reuters)