Libya opens its biggest oil field - a drop in oil

23.08.2017 / 00:35

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Libya's largest oil field will increase production after the pipeline to the export terminal is reopened after three days of interruption. Stopping drilling in this field has reduced world supply by 230,000 barrels a day, which has had a positive effect on oil at the end of last week. Now that it is clear that the drilling will recover to a few hours, oil has fallen, wiping out all the profits from last week.

All this comes amid attempts, OPEC to cut global supplies, but countries like Libya and Nigeria are undermining all member states' efforts. Expectations are due to the increased demand for raw material during the summer season, a new market saturation and the black gold prices to stay below the current levels.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov

Varchev Traders

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Libya opens its biggest oil field - a drop in oil

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