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OIL: Libya Oil Exports Plunge as NOC Cancels Cargoes

OIL
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Libyan oil exports fell around 81% last week, Kpler date showed, cited by Reuters.

  • Libyan ports shipped 194k b/d last week, down 81% from the 1m b/d the week prior.
  • While 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.
  • NOC had declared Force Majeure on all crude production at El Feel oilfield Sep. 2 and on exports of Sharara Aug. 7.
  • Some tankers have been allowed to load crude from storage at Libyan ports to fulfil contractual obligations and avoid financial penalties, an NOC source told Reuters.
  • Yesterday, sources told Platts that Libyan crude exports have resumed loadings from most of the country’s Eastern ports – including Brega, Es Sider and Marsa El Hariga.
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Libyan oil exports fell around 81% last week, Kpler date showed, cited by Reuters.

  • Libyan ports shipped 194k b/d last week, down 81% from the 1m b/d the week prior.
  • While 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.
  • NOC had declared Force Majeure on all crude production at El Feel oilfield Sep. 2 and on exports of Sharara Aug. 7.
  • Some tankers have been allowed to load crude from storage at Libyan ports to fulfil contractual obligations and avoid financial penalties, an NOC source told Reuters.
  • Yesterday, sources told Platts that Libyan crude exports have resumed loadings from most of the country’s Eastern ports – including Brega, Es Sider and Marsa El Hariga.