Libya’s oil export revenues leapt by 23% to a nine-year high $33.7bn for 2022 even as export volumes dipped by 15% to 930,000 b/d as a result of a summer blockade of export terminals by protestors (MEES, 15 July).
Crude production fell by 14% to 1.02mn b/d from 2021’s 11-year high of 1.18mn b/d (MEES, 13 January), whilst exports (including condensate) fell by 15% to 930,000 b/d. But the effect of lower volumes was more than cancelled out by rising prices: Libya’s flagship Es Sider grade averaged $101.4/B for 2022, up 47% for the highest level since 2013 (see chart 1 & table). (CONTINUED - 676 WORDS)
