Rapid recovery of Libya oil production a challenge to OPEC+ cuts

Alwasat - Cairo Mon 16 Nov 2020, 10:29 PM
alwasat radio

Reuters said that the rapid recovery of oil production in Libya, which rose to more than 1.2 million barrels per day, is a challenge to OPEC+ cuts.

This came in a report on oil prices, Monday, which jumped driven by hopes of keeping OPEC+ on the policy of reducing production, while concerns remain about weak demand for fuel due to "the high incidence of coronavirus infection and increased production from Libya."

OPEC+ reduces production by 7.7 million barrels per day, and was planning to increase production by 2 million barrels per day from January, but a ministerial committee meeting is scheduled to be held on Tuesday, which may recommend changes to production quotas when all ministers meet on November 30 and 1 Dec.

While a slowdown in traffic in Europe and the United States dampened hopes for a recovery in fuel demand this winter, hope remains for the recovery in the economies of China and Japan, the second and third largest economies in the world.

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