Libya’s Oil and Gas Minister, Mohammed Oun, has said that oil production in the county is now down to 100.000 barrels per day (bpd) from 1.2 million bpd, according to Stephen Innes, the managing partner at SPI Asset Management, who was reported by Reuters.
Innes said discussion within the oil complex still revolves around Libya’s decline in production, China continuing to impose measures to slow the spread of COVID, and concerns around global recession woes driving demand destruction.
Reuters said that supply tightness has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.
Source: Reuters
