Organization of Petroleum Exporting Countries (OPEC) revealed that Libya’s oil production declined by 78,000 barrels per day during June, compared to May, making the country among the 4 countries that led the decline in OPEC production during the past month.
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Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia, according to Reuters.
OPEC+ ministers are set to meet on Thursday and are expected to agree to raise production targets by 432,000 barrels per day (bpd) for June, four OPEC+ delegates told Reuters.
Oil prices rose, in conjunction with decline in production of Russian oil and gas to its lowest levels in 2020.
Libya’s outgoing premier Abdul Hamid Dbeibeh said via Twitter on Wednesday that OPEC countries should boost oil output. Dbeibah also tweeted…
Oil prices fell, on Thursday, on some profit-taking, but remained supported by a supply shortage as OPEC + producers stuck to moderate increases in production.
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OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output.
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Oil rose to more than $83 a barrel on Tuesday, supported by tight supply and expectations that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery, Reuters reported.
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Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya, Reuters reported.
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Libyan Oil Minister Mohamed Aoun participated in the 19th ministerial meeting of OPEC+, which took place virtually on Sunday, according to a statement by the oil ministry.
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