More oil possible from Libya, Nigeria, a report finds

7 Jul 2017   Libya, Nigeria, OPEC

A report Thursday from oil pricing group Platts stated that more production is possible from OPEC members Libya and Nigeria, adding to supply-side concerns. A survey of production from members of the Organization of Petroleum Exporting Countries by Platts found total group production rose 220,000 barrels per day between May and June. Total production last month was a six-month high for OPEC. OPEC, with support from non-member state producers like Russia, is coordinating an effort to balance a lopsided market with managed production declines. Libya and Nigeria are exempt from the arrangement so they can support national security efforts with oil revenue. Platts reported that Libyan oil production in June was around 810,000 barrels per day for its highest level in nearly […]

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