Oil prices were steady at the beginning of this week
Investors believe that the global supply will remain tight
despite the rise in Libyan output. Oil buying, mainly driven by supply
shortages and signs that Omicron won’t affect the fuel demand as initially
To keep the prices under control, the Organization of the
Petroleum Exporting Countries and its allies are gradually relaxing outputs
cuts after the demand collapsed in 2020. Despite their efforts, smaller
producers cannot increase the supply, while others have been wary of pumping
too much oil if COVID-19 setbacks reappear. Meanwhile, Libya’s overall oil
output is back on track to 1.2 million barrels per day, after falling to
900,000 BPD last week, due to the blockade of western oilfields.
oil was down 0.3% at $85.82 per barrel, while crude lost less than 0.1%
reaching $83.84 a barrel.
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