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Potential Libyan Oil Deal Adding to Price Pressure

OIL
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The Libyan central banker in the middle of the current power struggle says there are “strong” indications political factions are nearing an agreement to overcome the current deadlock according to Bloomberg reports.

  • Any move would pave the way for ~500,000 bpd of Libyan oil to return to the markets.
  • The Libyan production situation leaves OPEC+ in limbo over the impact of potential supply returns from October which remain in the balance.
  • Crude is facing further downward pressure on the headlines, adding downward sentiment on an already bearish move on Tuesday.
  • Brent NOV 24 down -3.1% at 75.08$/bbl
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The Libyan central banker in the middle of the current power struggle says there are “strong” indications political factions are nearing an agreement to overcome the current deadlock according to Bloomberg reports.

  • Any move would pave the way for ~500,000 bpd of Libyan oil to return to the markets.
  • The Libyan production situation leaves OPEC+ in limbo over the impact of potential supply returns from October which remain in the balance.
  • Crude is facing further downward pressure on the headlines, adding downward sentiment on an already bearish move on Tuesday.
  • Brent NOV 24 down -3.1% at 75.08$/bbl