Libyan oil exports fell around 81% last week, Kpler data showed, as the National Oil Corporation (NOC) cancelled cargoes amid a crisis over control of Libya’s central bank and oil revenue, Reuters reported.
The standoff began last month when western Libyan factions moved to oust a veteran central bank governor Al-Siddiq Al-Kabir, prompting eastern factions to declare a shutdown to all oil output.
Libyan ports shipped 194,000 barrels per day (bpd) on average of crude last week, down about 81% from just over one million bpd in the previous week, Kpler’s data showed.
Although Libya’s two legislative bodies said last week they agreed to jointly appoint a central bank governor within 30 days, the situation remains fluid and uncertain.
The United Nations Support Mission in Libya (UNSMIL), which is attempting to defuse the crisis, resumed facilitating talks in Tripoli today (September 11).
NOC has not declared force majeure on all port loadings and has so far opted to use the measure on individual cargoes, trading sources with knowledge of the matter said. It had declared force majeure on all crude production at El Feel oilfield on 2 September and on exports from the Sharara field on 7 August, before the crisis over the central bank began.
NOC last week cancelled several Es Sider cargoes, and two trading sources said it had also cancelled cargoes of the Amna and Brega crude grades. Some tankers have been allowed to load crude from storage at Libyan ports to fulfil contractual obligations and avoid financial penalties, an NOC source said.
NOC said on 28 August that oil production had dropped by more than half from typical levels to about 590,000 bpd.
