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OIL: Libyan Oil Output Poised for Post Crisis Boom: Platts

OIL
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Libya’s latest political crisis wiped out 570k b/d of its crude oil production in September, but with the standoff now resolved, output could come roaring back to surpass previous levels, Platts said.

  • Sources said production had rebounded at Sarir and Mesla fields to a combined 200k b/d Oct. 10, while Es Sider production was up to 222k b/d, up 76k b/d from Oct. 6.
  • Platts suggests that Libyan exports are yet to rebound fully, with October exports currently just 100k b/d above September levels at 560k b/d.
  • A rise in Libyan production and exports would impact other Europe-bound crude grades, as Libyan sweet light oil is popular among refiners in the Mediterranean and NWE. These grades include Azeri Light, Algeria’s Saharan blend, and Bonny Light.
  • Med-bound sweet lighter crudes strengthened during the Libya outage but have weakened in recent days. Azeri light is down from Brent +$4.9/b to Brent +$2.20/b.

 

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Libya’s latest political crisis wiped out 570k b/d of its crude oil production in September, but with the standoff now resolved, output could come roaring back to surpass previous levels, Platts said.

  • Sources said production had rebounded at Sarir and Mesla fields to a combined 200k b/d Oct. 10, while Es Sider production was up to 222k b/d, up 76k b/d from Oct. 6.
  • Platts suggests that Libyan exports are yet to rebound fully, with October exports currently just 100k b/d above September levels at 560k b/d.
  • A rise in Libyan production and exports would impact other Europe-bound crude grades, as Libyan sweet light oil is popular among refiners in the Mediterranean and NWE. These grades include Azeri Light, Algeria’s Saharan blend, and Bonny Light.
  • Med-bound sweet lighter crudes strengthened during the Libya outage but have weakened in recent days. Azeri light is down from Brent +$4.9/b to Brent +$2.20/b.

 

Keep reading...Show less