Libya’s NOC slashes May Sharara crude OSP by 40 cents/b; Es Sider unchanged

Libya’s National Oil Corporation reduced or kept unchanged its official selling prices for export crude grades in May from the previous month, the state producer said in an email to S&P Global Platts May 3.

Five of the 12 crude grades the country exports will see a 5-40 cents/b fall month on month, it said.
Libya’s light grades mostly saw changes on the month, with its main grade Es Sider seeing no change. Es Sider remained at a discount of $2/b to Dated Brent, which is its lowest ever recorded OSP level, according to Platts data.

The sweet El-Sharara grade saw the biggest fall of 40 cents/b to a discount of $1.80/b to Dated Brent. Brega and Zueitina each fell 20 cents/b to Dated Brent minus $2/b and minus $2.45/b, respectively. Mellitah blend was lowered 5 cents/b to Dated Brent minus $2.30/b, and Abu Attifel decreased 20 cents/b at Dated Brent minus $1.60/b

Libyan oil output continues to return to stability. However, the country’s production remains volatile. Production was impacted for about a week in late April after NOC declared force majeure on the eastern port of Hariga. The country’s output was reduced temporarily to 280,000 b/d, down from March’s near eight-year high of 1.19 million b/d.

 

Source: S&P Global Platts

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