Further tension in the Middle East pushed oil prices higher yesterday. While it is not clear who was behind the attack, it only adds to the growing tensions in the region. In North Africa, Libya has also been forced to shut its largest oil field, Sharara, after protesters entered the field, which was producing around 270Mbbls/d ahead of the shutting. Nigeria saw the largest increase over the month, growing by 50Mbbls/d, whilst the UAE saw the largest decline, falling by 70Mbbls/d. Given that some OPEC+ members agreed on additional voluntarily cuts of almost 900Mbbls/d for 1Q24, OPEC output will edge lower this month.

Source: The North Africa Journal January 04, 2024 02:42 UTC