DUBAI/LONDON, Sept 11 (Askume) – Libya’s oil exports fell by nearly 81% last week as a crisis over oil revenue controls hit the country’s central bank and national oil company, Kpler data showed.
The standoff began last month when Libya’s western factions demanded the removal of a senior central bank governor, prompting eastern factions to announce a halt to all oil production.
Kpler data shows Libyan ports transported an average of 194,000 barrels of crude per day last week, down by about 81% from 1 million barrels per day the previous week.
Although Libya’s two legislative bodies said last week they had agreed to jointly appoint a central bank governor within 30 days, the situation remains fluid and uncertain.
The United Nations Support Mission in Libya (UNSMIL), which is trying to ease the crisis, said on Tuesday that talks would resume in Tripoli on Wednesday.
The national oil company, which manages Libya’s fossil fuel resources, has not yet announced mandatory requirements for all port shipments, choosing so far to apply the measure only to individual cargoes, trade sources familiar with the matter said.
The state-owned oil company did not immediately respond to a request for comment on Wednesday.
Before the crisis began, the central bank declared force majeure on all crude oil production at the El Feel field on 2 September and exports from the Sharara field on 7 August.
According to Askume, the national oil company cancelled several Assidor crude oil cargoes last week, and two trade sources told Askume that the national oil company also cancelled cargoes of Amana and Brega crude oil grades.
Some tankers have been allowed to load crude oil stored in Libyan ports to fulfil contractual obligations and avoid financial penalties, an NOC source told Askume.
Oil production has fallen by more than half from normal levels to about 590,000 barrels per day, the NOC said on Aug. 28. It is unclear what current production levels will be.
