Oil prices stabilized near a three-week high Thursday after OPEC+ agreed to reduce global crude supplies by reducing production by about two million barrels per day, in the largest reduction since 2020.
Libya’s oil production decreased by about 1,000 barrels, as the National Oil Corporation (NOC) announced Thursday that the production of crude oil amounted to 1.223 million barrels, while the production of condensate reached 53,000 barrels during the past 24 hours.
Oil prices fell in Asia on Thursday, after rising more than $1 in the previous session, as concerns about supply disruptions eased and markets looked for evidence of improving fuel demand.
Brent crude recorded Monday a decline of one percent, after rising Friday by about 2.3%.
Oil prices tumbled on Wednesday on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential economic recession after recent central bank rate hikes, which also weighed on equities, Reuters reported.
Oil prices extended gains on Thursday, supported by strong demand in the United States, while demand in China is expected to rebound with the easing of Covid-19 restrictions in major cities.
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.
Oil slipped on Thursday as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014, Reuters reported.
Oil prices edged towards $80 per barrel on Wednesday, Reuters reported.