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Oil

Libya’s crude oil exports fall sharply after key ports halt

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Libya’s oil exports have fallen to about a third of last year’s level after the worsening political crisis prompted the suspension of shipments from two of the nation’s biggest ports.

Force majeure has been declared on crude shipments from Es Sider and Ras Lanuf, the country’s largest and third-biggest export terminals, the National Oil Corp. confirmed in a statement late Thursday. The ports of Brega and Zueitina haven’t handled any crude for almost two months.

The drop in Libya’s supply threatens to further tighten the global oil market. Brent crude has risen by about 40 percent this year following the invasion of Ukraine.

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According to Libya’s national oil company, crude exports now range from 365,000 to 409,000 barrels a day.

The nation, a member of the Organization of Petroleum Exporting Countries, sold an average of 1.1 million barrels a day to overseas markets last year, according to tanker-tracking data compiled by Bloomberg.

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