IEA: Libyan oil production drastically drops

Source: IEA

The International Energy Agency (IEA) continues to closely monitor developments with regard to Libya’s production and export facilities. However, information on production levels and export volumes is incomplete due to the very poor communication channels and staff shortages in Libya. In addition, there continue to be conflicting reports on the status of Libyan port activity due to very high winds affecting operations in some of the ports. 

Based on available information, it would appear that between 850,000 b/d to 1 million b/d out of a total of 1.6 million b/d of Libyan oil production is currently shut-in. 

Reports from some European refiners indicate there is ample crude until at least the end of March and that they are now scheduling for April supplies. Currently, crude oil markets in Europe are not perceived as constrained, with crude demand relatively low due to a period of large-scale maintenance of refineries in Europe. 

The IEA maintains regular and frequent high-level communication with OPEC and major oil producers to facilitate coordination and information exchange.

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