LAST UPDATE: 22.08
Libya expects its oil production to drop by another 200,000 barrels a day next week as workers try to repair a damaged pipeline, according to Bloomberg.
The latest shutdown comes less than two weeks after militias closed the largest field, Sharara, causing production to fall by about 350,000 barrels a day. Together, the closure will reduce Libya’s production to about 700,000 barrels a day, the lowest in more than a year.
Any drop in production from Libya, where Africa’s largest oil reserves are located, could offset efforts by the Organization of the Petroleum Exporting Countries and its partners to boost exports.
OPEC + is meeting on Tuesday and is likely to move to a new monthly increase of 400,000 barrels per day, according to a Bloomberg survey, as it restores supplies that were cut off during the coronavirus pandemic.
OPEC + expects the impact of the coronavirus’s Micron mutation on the oil market to be mild and temporary, according to part of a report by its technical committee, which became known to Reuters.
This is because, as noted, “the world is becoming better equipped to manage COVID-19 and its challenges.”
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Source From: Capital
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