OPEC In Trouble As Oil Outlook Worsens

OPEC In Trouble As Oil Outlook Worsens

OilPrice.com

Published

Just when they thought they had rebalanced the oil market, OPEC members were served an unpleasant surprise from exempted fellow Libya. The country’s warring factions reached a ceasefire, and some long-shuttered oil ports have been reopened, along with the fields that feed them. By the end of the month, the National Oil Corporation plans to boost the average daily output of the nation from less than 100,000 bpd to 260,000 bpd. Meanwhile, OPEC+ has relaxed its production cuts by 2 million bpd.  The market, according to Mercuria chief executive…

Full Article