Nigeria, Libya output to push down oil priceOil production from members of the Organisation of Petroleum Exporting Countries (OPEC) may have reached a new record, according to a Reuters survey, as Nigerian and Libyan output partially recovered from disruptions and Iraq boosted exports. Oil price rallied to a 2016 high of $54 a barrel following the decision, but has since slipped towards $48 a barrel. That would be 820,000 bpd above the top end of a target output range OPEC agreed to adopt at a September 28 meeting in Algeria. According to analysts, production at about 34 million bpd would prolong the supply surplus weighing on the market. The post Nigeria, Libya output to push down oil price appeared first on The Nation Nigeria.

Source: Libya Today October 31, 2016 23:33 UTC