Will Libya Crush OPEC’s Plans For A Tighter Oil Market?
Libya has a unified government for the first time in more than a decade of civil war. It is also pumping 1.3 million barrels of oil daily and plans to increase this to 2.1 million bpd within four years. Libya has been the odd man out in OPEC production cut agreements, exempt from any because of its political turmoil. Now, it is in a position to undermine the cartel’s price control efforts. The new interim government of the country that holds the largest oil reserves in Africa was sworn in on Monday. With this came hopes that Libya could finally…Full Article