Libyan crude prepares to load from eastern port
Libya's eastern Marsa el Brega terminal is preparing to export a cargo of crude despite an oil blockade, according to a shipping source and tracking data.
The Front Jaguar tanker, chartered by ExxonMobil, is at the terminal to load a 600,000 bl cargo of Brega grade crude. This would be the first cargo exported from one of Libya's five eastern terminals since 1 September, when a 600,000 bl cargo left nearby Zueitina.
Libya's eastern-based government ordered an oil blockade on 26 August in response to an attempt to replace the central bank governor. This has seen Libya's production fall from almost 1mn b/d to around 300,000 b/d. The shutdown order was meant to halt operations the eastern oil terminals — Es Sider, Ras Lanuf, Zueitina, Marsa el Brega and Marsa el Hariga — but some exports could go ahead.
A tanker chartered by China's Unipec — Energy Triumph — is close to Marsa el Hariga and is scheduled to export a 1mn bl cargo, according to loading programmes and tracking data. The TotalEnergies'-chartered Pacific Pearl is close to Es Sider where it is scheduled to load a 600,000 bl cargo. Neither have yet loaded.
These apparent exports from eastern terminals, albeit at a much-reduced rate, may explain why some production in the oil heartland Sirte basin is able to continue. Argus understands the blockade, which is effectively being instituted by general Khalifa Haftar's Libyan National Army (LNA), could be more flexible than past iterations.
A notable amount of output remains online in the east to supply domestic refineries and so oil-linked gas production can continue to supply power plants, and state-owned NOC will probably continue some exports as part of its crude-for-products programme.
The UN's Libya mission is leading mediation efforts between parties that could help resolve the leadership crisis at the central bank.
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Opec+ members agree to delay output increase
Opec+ members agree to delay output increase
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Opec+ members discuss delay to planned output increase
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Japan’s 2023-24 oil, gas equity output recovers
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