Italy tops buyers of Libyan crude
LIBYA – Italy imports about 41% of Libya’s daily crude oil output, equivalent to nearly 500,000 barrels, remaining the main importer via seaborne shipments ahead of Spain, Greece and France, according to a report by the Italian news agency Nova.
Four in every ten barrels go to Italy
The report, followed and summarised by Al-Marsad, said that roughly four in every ten barrels produced in Libya go to Italy, reflecting the importance of Libyan crude to Italy’s energy security.
Geographical proximity and low sulphur content
It noted that the war in the Middle East and the difficulties of transit through the Strait of Hormuz add to the importance of Libyan oil, given how close its fields and ports are to Italian refineries, as well as the quality of the crude and its low sulphur content.
Risks of outages and political instability
The report warned that these close ties remain vulnerable to swings in Libya’s political stability and frequent production outages, making the stability of Libya’s oil sector of direct importance to Italy, particularly as uncertainty in global energy markets grows.
