Libyan Oil Production Surprise Puts Pressure On Prices

Given the ongoing imbalance between global oil supply and demand in the wake of the major waves of Covid-19 that hit the world last year, news that Libya is now targeting 1.45 million barrels per day of oil output by the end of this year, 1.6 million bpd within two years and 2.1 million bpd within three to four years will compound a negative price sentiment on oil pricing for many traders. Although the most bullish of forecasts – principally from oil companies and state producers talking their own book – look for demand to catch up…