Libya's state-owned NOC has raised the official May formula prices for seven of its 12 crude grades, increasing them by 15-25¢/bl, while leaving prices for the other five unchanged.
The price for Es Sider, Libya's largest export stream, has been raised by 20¢/bl to a 55¢/bl discount to the North Sea Dated benchmark.
Argus spot assessments for medium sweet Es Sider have averaged a 69¢/bl premium to Dated this month, when most May-loading cargoes were trading, compared with a 10¢/bl discount in March.
Es Sider peaked at an eight-month high premium of 85¢/bl to Dated during the May-loading cycle, driven by strong demand in Europe following the end of the refinery maintenance season. But even though most May supplies of Es Sider have now been placed, the grade's price differentials have since weakened on the back of rising freight costs.
Formula prices for the Sarir and Mesla grades have risen the most, both up by 25¢/bl compared with April.
NOC has kept the May price for light sweet Esharara unchanged at a 70¢/bl discount against Dated. Algeria's state-owned Sonatrach raised the May formula price for Saharan Blend — Esharara's closest regional competitor — by 20¢/bl on the month to a 40¢/bl premium to Dated.
The May price for Libya's Bouri sour grade has risen by 20¢/bl to a $1.35/bl discount to Dated, while NOC has left the price of its other sour grade, Al-Jurf, unchanged.
| Libyan offical formula prices | $/bl | |||
| Grade | Basis | May | April | m-o-m change |
| Es Sider | Dated | -0.55 | -0.75 | 0.20 |
| Es Sharara | Dated | -0.70 | -0.70 | 0.00 |
| Mellitah | Dated | -1.25 | -1.25 | 0.00 |
| Brega | Dated | -1.25 | -1.40 | 0.15 |
| Zueitina | Dated | -0.40 | -0.40 | 0.00 |
| Sirtica | Dated | -0.60 | -0.75 | 0.15 |
| Bu attifel | Dated | -0.55 | -0.55 | 0.00 |
| Amna | Dated | -0.30 | -0.40 | 0.10 |
| Sarir | Dated | -2.95 | -3.20 | 0.25 |
| Mesla | Dated | -0.70 | -0.95 | 0.25 |
| Bouri | Dated | -1.35 | -1.55 | 0.20 |
| Al-Jurf | Dated | -0.45 | -0.45 | 0.00 |
| Source: NOC | ||||
