Libya’s crude oil exports have plummeted to around 400,000 barrels per day (bpd) in September, down from 1.02 million bpd in August, according to port and shipping data. This sharp decline comes as the OPEC member nation grapples with a political crisis that has significantly reduced its oil production.
Data from oil analytics firm Kpler and port agents indicate that the majority of Libya’s crude oil exports this month have been directed to Italy and Greece, with smaller shipments heading to China and Canada.
The ongoing political turmoil in Libya has led to the shutdown of a substantial portion of its oil production. While the National Oil Corporation (NOC), which oversees Libya’s fossil fuel resources, has not declared force majeure across all loading operations at the country’s ports, it has invoked this measure for specific shipments.
The NOC declared force majeure on all crude output from the El Feel oil field on September 2, and on exports from the Sharara oil field on August 7, before the Central Bank crisis intensified.
On August 28, the NOC reported that Libya’s oil production had dropped by more than half from its usual levels to about 590,000 bpd. However, the company has not released any updated production figures since then.
