Analytics Vortexa

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In Brief:

  • Spain took in 260,000 b/d of Libyan crude in Q2 2019, more than a 3-year high, according to Vortexa data, reaching close to 300,000 b/d on a monthly basis in April.                                                                                 
  • Libya took the top spot among Spain’s crude origins in Q2, moving ahead of other top suppliers Mexico and Nigeria, the Mideast Gulf and Russia/Kazakhstan (with smaller volumes from elsewhere).                                                
  • Out of Spain’s 2019 Libyan crude intake, top grades are Es Sider (35%), Sharara (20%), Brega (17%), and smaller amounts of other Libyan grades.                                                     
  • The Libyan increase comes with the Opec country’s rising output⁠⁠, leading to fiercer competition among regional competing grades. Spain also halted Iranian intake from October 2018 due to the renewal of sanctions.                                                 
  • Libyan crude exports hit a year-to-date high of over 1.2mn b/d in April, while July’s rate is expected to come below this. Spain’s Libyan inflows are seen around a preliminary 150,000 b/d in July. 

Insights

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