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

Houston — 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.