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Speed of Libyan oil recovery surprises global markets

Libyan officials told “Bloomberg” agency that they will not discuss the potential “OPEC” quota for the country until Libyan production reaches at least 1.7 million barrels per day.

In a report Friday, Bloomberg revealed that the speed of recovery of the oil sector in Libya has taken global oil markets by surprise, which caused concern for OPEC and its allies, as Libya currently exports more oil than its OPEC counterparts.

The agency added that the OPEC alliance will study the impact of Libyan oil during its meeting next week to assess its strategy in light of the Coronavirus undermining of the rates of fuel demand in most parts of the world.

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