The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Libya’s crude output might have hit 1mb/d
The major negative story for crude prices for the last time has been suggestions that Libya’s crude output might have surpassed 1 million barrels per day (mb/d). That’s what the research team at Standard Chartered has found out.
Experts are assured that Libya’s sustainable capacity accounts for 1.1mb/d, and it brings this country very close to the maximum especially considering the current state of its industry, following the damage done to crude reservoirs as well as infrastructure for the last six years, along with natural field dips. Obviously, Libya’s return to 1mb/d threatens OPEC’s recent output curbs.
The reason Libya was provided with an exemption from the output drops last November was that the country’s output was supposed to soar, and it was taken into account by the OPEC/non-OPEC ministerial process. The overall pace of Libya’s return to the crude market has turned to be slower than was generally forecast when OPEC had a meeting in November 2016.
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