While oil prices spiked on Libya's production pause, persistent concerns about weak global demand, particularly from China, are likely to lead to a monthly decline.
Crude oil prices steadied earlier today after gaining more than 1% on Thursday on the news of production shutdowns in Libya . However, analysts believe the benchmarks are still set for a monthly decline as pessimism about demand continues to weigh. In two recent oil price forecast updates, Goldman Sachs and Morgan Stanley lowered their expectations about Brent crude and WTI citing disappointing demand from China .
Neither bank, however, could have foreseen the events unfolding in Libya that could literally decimate its oil production, which as of July stood at close to 1.2 million barrels daily. As of yesterday, this had fallen to less than 600,000 barrels daily, Reuters reported earlier. What’s more, Iraq’s output could also decline from September as the country seeks to compensate for overproduction under the OPEC output cuts agreement.
Libya Oil Production OPEC+ Demand China U.S. Shale Production Goldman Sachs Morgan Stanley Brent Crude
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