Libya’s crude oil exports have drastically fallen to approximately 400,000 barrels per day (bpd) in September, down from 1.02 million bpd in August, according to port and shipping data. This decline is attributed to a political crisis that has severely impacted oil production in the country.
Most of Libya’s crude exports this month were directed towards Italy and Greece, with some shipments going to China and Canada. The ongoing political standoff began last month when factions in western Libya attempted to oust central bank governor Sadiq al-Kabir, leading eastern factions to declare a complete shutdown of oil output.
The National Oil Corporation (NOC), which oversees Libya’s oil resources, has not declared force majeure on all port loadings but has opted to do so for individual cargoes. The NOC declared force majeure on crude production at the El Feel oilfield on September 2 and on exports from the Sharara field on August 7, prior to the political crisis.
As of August 28, the NOC reported that oil production had dropped by more than half from typical levels to around 590,000 bpd, but no updated production figures have been released since then.