Libya’s crude oil exports have slumped to about 400,000 barrels per day (bpd) this month from August’s 1.02 million bpd, port and shipping data show, as the OPEC member grapples with a political crisis that has slashed output.
The bulk of Libya’s crude exports this month were destined for Italy and Greece, data from oil analytics firm Kpler and port agent data show, with some heading to China and Canada.
Libya is embroiled in a political stand-off that has shut in much of its oil production.
The crisis began last month when western Libyan factions moved to oust central bank governor Sadiq al-Kabir, prompting eastern factions to declare a shutdown to all oil output.
The National Oil Corporation, which manages Libya’s fossil fuel resources, has not declared force majeure on all port loadings, opting to use the measure on individual cargoes.
It declared force majeure on all crude production at El Feel oilfield on Sept. 2 and on exports from the Sharara field on Aug. 7, before the crisis over the central bank began.
The corporation said on Aug. 28 that oil production had dropped by more than half from typical levels to about 590,000 bpd, but has not made public any new production figures since.