Libya’s Oil Deal Could Be A Serious Bearish Catalyst For Crude Markets

OPEC turns 60 years today, but the celebration has been postponed in the light of the ongoing pandemic. The combination of demand destruction caused by COVID-19, a struggling global economy, and fleeting energy demand is troubling the oil price recovery. At the same time, OPEC members such as Iraq, Iran, Venezuela, and even Algeria and Nigeria, are facing economic hardships due to much lower oil revenues. On the supply side, some relief for the cartel has come from internal conflicts in Iraq and Venezuela, which have reduced exports, and U.S. sanctions…