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Oil Climbs as Libyan Output Falls Ahead of OPEC+ Supply Meeting -Breaking

by Mike Robinson

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© Reuters. Oil Prices Rise as Libyan Production Falls in Advance of OPEC+ Supply meeting

(Bloomberg). — Oil prices rose ahead of Tuesday’s OPEC+ meeting in London to determine production policies for February.

New York futures rose to $76 per barrel early in Asian trading on Friday after sliding 2.3%. Libyan production is likely to fall to its lowest in nearly a decade as workers repair the pipeline damaged by militia closures. A Bloomberg survey indicates that the OPEC+ alliance will agree to a rise in production starting next month.

The rollout vaccines allowed economies to reopen and helped oil prices rise, making it the biggest year-over-year gain in oil since 2009. OPEC+ could add approximately 400,000 more barrels of oil per day to world supply. But, worries remain over crude demand as China confronts a Covid-19 crisis and an omicron virus variant that causes flight cancellations around the globe.

Libya is expecting its oil production to decrease by another 200 000 barrels per day within the next week. This will reduce overall production to 700,000.

©2022 Bloomberg L.P.

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