Observing news today one can easily get disappointed. However, things are getting better.
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.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
27,000 people became unemployed in private sector
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.