Italy and Spain top buyers of Libyan crude

Libyan crude exports recovered to almost half pre-blockade levels last month, with Spain and Italy the biggest buyers.

Argus tracking shows Libya shipped 489,000 b/d of crude in October, more than triple the amount exported in September but still well short of the full-year 2019 average of slightly over 1mn b/d.

Libyan crude exports have been largely confined to supplies from the country's offshore fields for much of this year after blockades were imposed at onshore fields and ports in January by factions affiliated with Khalifa Haftar's Libyan National Army (LNA). The lifting of the blockades around two months ago has since led to a rapid revival in onshore production and exports.

Just under 140,000 b/d of Libya's October crude exports sailed for Italy. Spain was the second-largest buyer, taking just under 78,000 b/d. More than 40,000 b/d departed for France, while the Netherlands, China and Malaysia took 32,000 b/d each.

Much of October's exports came from storage, as opposed to fresh production. Exports this month are likely to be higher as production continues to ramp up. Libyan output has already reached 1.25mn b/d, around the same level as the country was producing before the blockades, state-owned NOC said yesterday.

By Felix Todd