Oil prices have experienced a short-term decline due to profit-taking, but geopolitical tensions and potential Fed rate cuts could influence future price trends.
Several fires at Libya’s Zawiya refinery this weekend prompted a temporary force majeure declared by the National Oil Corporation on Sunday. By Monday morning the fires were brought under control, according to a Reuters report citing a NOC official, but the force majeure had yet to be lifted. The fires were caused by gunfire, which ignited several oil tanks at the refinery, which is Libya’s largest, with a processing capacity of 120,000 barrels daily.
Just a month earlier, the National Oil Corporation had reported the latest increase in oil production, to 1.386 million barrels daily. Adding some 200,000 bpd in other liquid hydrocarbons brought Libya’s total to 1.59 million barrels daily—a major milestone for the war-torn oil producer.
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