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OIL: Libyan Oil Loadings Slump on Monthly Basis

OIL
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Libyan crude exports are down sharply in September at ~400kbd vs an August pace ~1mn bpd according to Vortexa. (See chart for context)

  • Europe is feeling the brunt of the supply hit according to Vortexa but added that WTI is better positioned than WAF to plug the gap as their respective exports diverge further in September.
  • Libyan crude exports reached about 550,000 barrels per day last week, a three-fold increase on the previous week, according to Kpler earlier this week.
  • By mid- September, Kpler had only seen loadings from Marsa Al Brega and Zueltina loading points.
  • Sharara crude had already been hit in August data due to it being offline longer than other fields but other grades stepped in to fill the gap that month.
  • Tankers carrying crude including Flavin, Pacific Pearl, Ghibli, and Delta Atlantica set sail to European destinations from various Libyan ports in the week starting Sept. 9.
  • NOC said on Aug. 28 that Libyan oil production had dropped by more than half from typical levels to about 590,000 bpd. It has not made public any new production figures since.

 

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Libyan crude exports are down sharply in September at ~400kbd vs an August pace ~1mn bpd according to Vortexa. (See chart for context)

  • Europe is feeling the brunt of the supply hit according to Vortexa but added that WTI is better positioned than WAF to plug the gap as their respective exports diverge further in September.
  • Libyan crude exports reached about 550,000 barrels per day last week, a three-fold increase on the previous week, according to Kpler earlier this week.
  • By mid- September, Kpler had only seen loadings from Marsa Al Brega and Zueltina loading points.
  • Sharara crude had already been hit in August data due to it being offline longer than other fields but other grades stepped in to fill the gap that month.
  • Tankers carrying crude including Flavin, Pacific Pearl, Ghibli, and Delta Atlantica set sail to European destinations from various Libyan ports in the week starting Sept. 9.
  • NOC said on Aug. 28 that Libyan oil production had dropped by more than half from typical levels to about 590,000 bpd. It has not made public any new production figures since.

 

Keep reading...Show less