A barrel of West Texas Intermediate crude oil for deliveries on X, it costs $69.94 on NYMEX in New York, down 0.57 percent. U.S. oil prices have not been this low since January 2024.
Brent on ICE on November it is valued at USD 73.40 per barrel, lower by 0.47 percent.
The Situation in Libya and OPEC+ Plans
In recent days, investors have been closely monitoring the situation in Libya, which is one of OPEC’s oil suppliers, and analyzing OPEC+’s plans to increase supplies of oil from this group from October.
There is an ongoing political crisis in Libya caused by a power struggle in the OPEC member state.
Libyan authorities in the east of the country have suspended the production and export of Libyan oil as a result of an ongoing dispute with rival authorities from the East recognised by the West.
The “Eastern” and “Western” governments in Libya remain at an impasse over Libya’s central bank, which is the custodian of billions of dollars in revenue from oil exports.
However, there are signs in the markets that an agreement that could resolve the dispute and restore oil supplies from Libya seems to be close to being concluded.
Libya’s central bank governor, Sadiq Al-Kahir, who was previously removed from his post by Libya’s “Western” authorities, said on Tuesday there were “strong” signs that Libya’s warring political factions were getting closer to reaching an agreement to overcome the current impasse.
Al-Kabir and other Libyan central bank employees had previously fled the country due to threats from armed groups.
Al-Kabir found refuge in Istanbul. “If they sign an agreement today, I will return tomorrow,” he announced.
OPEC+ plans to increase supply
Meanwhile, investors are assessing OPEC+’s plans to restore larger oil supplies to global markets from this group of producers from October.
The OPEC+ alliance is to supply markets with 180,000 barrels per day more oil from October, gradually returning production to the markets that has been curtailed since 2022.
For now, there are no signs that OPEC+ may postpone its production growth plans, representatives of this group of oil producers assure. (PAP Biznes)
