The oil market is “stretched to the limit” despite the fact that OPEC+ agreed to ramp up production following their meeting last month, according to the International Energy Agency. The IEA said that the increased supply from Saudi Arabia, its Gulf allies and Russia is “very welcome,” given the series of outages reported around the world. Oil prices plunged by around 6 percent on Wednesday on news that Libya’s oil export terminals were set to come back online. The IEA said that while the situation was improving “we cannot know if stability will return.” Indeed, the sudden and unexpected outage from the North African country over the past few weeks illustrates the degree of risk facing the oil market, which is to say, if oil prices can swing by 6 percent on a given day because of the specific events in one rather unstable country, the market is pretty […]