WTI rose 8.8% last week, after a 13% tumble over two previous weeks. "It was another risk to the oil supply that rallied the oil market," Phil Flynn, analyst at Chicago's price Futures Group, said. Libya's crude production has averaged just over 1 million barrels per day this year, down from almost 1.2 million in 2021, media reports said. The International Energy Agency has warned that roughly 3 million barrels daily of Russian oil could be shut in from May onwards due to sanctions, or buyers voluntarily shunning Russian cargoes. Russian oil output has continued to slide in April, declining by 7.5% in the first half of the month from March, the Interfax news agency reported on Friday.

Source: Libya Today April 19, 2022 14:52 UTC