(Bloomberg) -- Oil is still trickling out of Libya, despite restrictions on exports during a political crisis that has caused the country’s output to plunge.
At least 11 tankers have loaded after Aug. 26, when authorities in the eastern part of the country vowed to shut down all production and exports, tanker-tracking data compiled by Bloomberg show. Officials subsequently said loading was halted at the eastern ports of Brega, Es Sider, Hariga, Ras Lanuf and Zueitina.
Those vessels should be carrying about 7 million barrels, if their cargoes match those on loading programs seen by Bloomberg, though its not clear how full they were when they loaded. Still, tracking data suggests a significant slowdown in exports in recent days.
The situation has sown confusion for traders as Libya’s eastern and western governments vie for control over its central bank, which controls billions of dollars in energy revenue. It has also rattled the oil market, with Brent crude prices slumping about 5% on Tuesday, after the central banker at the heart of the crisis said a deal to resolve the dispute may be in the works.
READ: Libyan Central Banker Sees Deal That Will Restore Oil Flows
Libya’s daily output has more than halved in the past week to about 450,000 barrels, following the shutdown in the east, where most of the OPEC member’s oil facilities are located. Several fields then started cutting production, while others were ordered to ramp up to cover domestic needs for refining and electricity generation, creating mixed signals.
In the absence of a force majeure declaration by the state-run National Oil Corp. the situation also remains ambiguous at export terminals. Lifters are going ahead with their loading plans, as they haven’t been officially notified to cancel their cargoes, according to the people familiar with the matter.
At least 90,000 barrels of crude a day — down from 300,000 daily barrels normally — is still flowing to Es Sider, the country’s largest export terminal, said the people who asked not to be identified because they aren’t authorized to speak to the media.
Loading Tankers
So far, no tankers loading in Libya have been banned since the Aug. 26 order, and they have been allowed to berth to load their full cargoes at the five eastern ports. In some cases, exports continued after the order as oil-loading was already under way.
At least three vessels have loaded at Es Sider since that date, tanker-tracking data show. Separately, two ships each have taken on cargoes at Mellitah and Zueitina. The ports of Brega, Bouri, Hariga and Ras Lanuf have each seen at least one cargo, according to the tracking.
Libya exported about 1 million barrels a day in the first six months of the year. Most of the tankers that have loaded in recent days are Aframaxes, which can carry about 600,000 barrels of oil.
The Aframax Pacific Pearl has been anchored for days at Es Sider without instructions to berth — even though it has the clearance to load — due to insufficient oil supplies, according to one person familiar with the matter.
Another, the Energy Triumph is also drifting outside Hariga, waiting to be allowed to load a million barrels of crude. The Front Jaguar was off Brega and looks to be heading toward the port.
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