Price of oil slumps on rising production in Libya
Libya’s rising output is a headache for oil cartel Opec, which together with nonOpec producers including Russia has pledged to cut about 1.8-million barrels per day
Amsterdam — Oil prices fell on Wednesday, weighed down by concerns about rising production from Libya feeding into an oversupplied market and a surprise increase in US petrol inventories.Benchmark Brent crude futures were down 27 US cents at $51.60 a barrel at 9.50am GMT. US West Texas Intermediate crude futures were trading at $47.67, down 16c.Production from Libya’s Sharara oilfield, the conflict-riven country’s largest, has been see-sawing. The field remained shut on Wednesday, two Libyan oil sources said. The field had restarted at least once on Tuesday amid conflicting reports about whether it had reopened."The flood of news reports makes it clear that the situation in Libya is still chaotic and that conditions in the country are still far from normal," Commerzbank analysts wrote.Sharara recently reached output of 280,000 barrels per day, but closed this week due to a pipeline blockade. Its production is key to Libya’s oil output, which surged above 1-million barrels per day in...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.