Exposing The OPEC Deal Saboteurs

12 Aug 2017   OPEC

And some surprising numbers this week show that slide is likely to continue. With the world’s largest oil-producing nations pumping out more crude than many energy observers are expecting. That’s OPEC. A group oil investors have been looking to as a saviour — expecting that production cuts from key nations like Saudi Arabia will help support global oil prices. But a survey released this week by Platts shows that OPEC output is far from declining. In fact, OPEC production in July hit its highest level for 2017 — coming in at 32.82 million barrels per day, up 330,000 b/d from June. There’s one big reason for OPEC’s surging production: Libya. A nation that saw its July production rise 180,000 barrel per day — as key oil fields across the country restart under ceasefire deals between the central government and local rebel factions. All told, Libya’s July production rose to […]

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