Login ID:
Password:
Partner Login
Contact Us : 7066511911

OPEC Watching Libyan Oil Restart Closely, Needs Time to Assess

21 Sep 2020 8:12 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said on Monday, although producers should wait to see if there is a sustainable restart before reacting.

OPEC member Libya is exempt from cutting oil output under a deal by the Organization of the Petroleum Exporting Countries and allies. A restart in Libya supply could force other producers to make further reductions to support prices.

Oil prices fell towards $42 a barrel on Monday, weakened by the possible return of Libyan production which has been virtually shut down since January, and as rising coronavirus cases added to worries about global demand.

OPEC sources said time was needed to assess the situation.

A delegate said the organisation was watching Libyan production very seriously, and another source close to OPEC said Libyan production was less of a concern than demand weakening again due to a new round of coronavirus lockdowns.

Libya's National Oil Corporation (NOC) on Saturday lifted force majeure on what it deemed secure ports and facilities, and restart procedures are underway at some locations following a blockade beginning in January that cut production. [nL5N2GH03C] OPEC and its allies, known as OPEC+, made a record cut in supply of 9.7 million barrels per day from May 1 to support prices as the coronavirus crisis knocked demand. OPEC+ tapered the cut to 7.7 million bpd from Aug. 1.
(Commodities Control Bureau)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Energy – Natural Gas (NYMEX) – Positive Short-term Tren...
Energy – Crude Oil (NYMEX) – Consolidating in a Multi-w...
Crude Oil Falls on Oversupply Fears after Build in U.S....
Energy – Crude Oil (NYMEX) – Consolidating in a Multi-w...
Energy – Natural Gas (NYMEX) – Positive Short-term Tren...
more
Top 5 News
SEA Urges Govt. Not to Reduce Import Tax on Edible Oils...
Chana Mixed For Second Straight Day in Spot Mkts
Spot Turmeric Prices Muted amid Lack of Demand, Futures...
Tur Continues To Trade Weak in Major Mkts
Mustard seed, Oil Prices Steady on Speculation of Govt ...
Top 5 Special Reports
USD/INR (Nov ‘20) – Positive Short-term Trend / May Ret...
USD/INR (Oct ‘20) – Positive Short-term Trend / May Ret...
Weekly: Tur, Chana Plunge Most This Week, Moong Gains
USD/MYR—
USD/CNY & USD/IDR
Copyright © CC Commodity Info Services LLP. All rights reserved.