Oil prices up as Libya’s production stalled over Al-Feel field shutdown

BY Libyan Express Feb 26, 2018 - 14:00

Oil gained as Libya’s crude exports from a key terminal were disrupted and Saudi Arabia pledged that global producers will ease their output curbs without shocking the market.

Futures in New York rose as much as 0.6%, after rising 3% the previous two sessions. Libya’s crude loadings from the Mellitah terminal will be “modified” after protests impeded output at the El-Feel field.

Cuts by OPEC and its allies may be phased out in 2019 in a way that won’t disturb the market, Saudi oil minister Khalid Al-Falih said. Still, US supply remains a threat, with the nation’s rig count rising for a fifth week to the highest since April 2015.

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