Libya’s oil recovery helped oil prices soar to new highs

Libya Oil Refinery. (Photo: Internet)

Libya’s crude oil production has risen 400% since August 2016 as the country plans to increase its oil production in 2018 despite production cuts.

Market Realist reported that any increase in Libya’s crude oil production could weigh on oil (BNO) (USO) prices.

This comes as the National Oil Corporation (NOC) said that it would restart the Wintershall AG’s Sarar oilfield.

The oilfield had been shut down by Wintershall due to protests in Libya. The oilfield can produce 57,000 bpd (barrels per day) of crude oil. It could add to Libya’s crude oil output.

The recovery and hike in prices also urged oil giants Shell (RDS.A) and British Petroleum (BP) to buy Libya’s crude oil.

The recovery in Libya’s crude oil production is one of the key factors for this agreement.

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