Libya’s crude oil exports have plummeted to approximately 400,000 barrels per day (bpd) in September, down from 1.02 million bpd in August, according to port and shipping data.
The decline comes as the OPEC member faces a political crisis that has severely reduced output.
Most of Libya’s crude exports this month have been shipped to Italy and Greece, with smaller volumes headed to China and Canada, according to oil analytics firm Kpler and port agent data.
Libya is currently in the midst of a political standoff that has significantly disrupted its oil production.
The crisis was triggered last month when factions in western Libya sought to remove central bank governor Sadiq al-Kabir, leading eastern factions to halt all oil production in response.
The National Oil Corporation (NOC), responsible for managing Libya’s oil resources, has not issued a blanket force majeure on all port loadings, instead applying the measure to individual shipments.
On September 2, the NOC declared force majeure on all crude production at the El Feel oilfield, following a similar action for the Sharara oilfield on August 7, prior to the central bank crisis.
As of August 28, the NOC reported that oil production had dropped by more than 50% to around 590,000 bpd, but it has not released updated production figures since.
