Oil prices declined rapidly at the beginning of weekly trading after the National Oil Corporation announced the end of all closures in the oil fields and ports.
Brent crude for next January delivery on Monday recorded a decrease of one dollar and 10 cents compared to Friday, or 2.60%, achieving $ 40.97 per barrel, according to Al Jazeera Net.
And “Al-Jazeera” considered in its report that the expected increase in Libya’s production of one million barrels per day within a month would confuse the accounts of the “OPEC Plus” coalition to reduce production.
Al-Jazeera said that the pumping of Libyan crude comes at a time when the global market is witnessing a contraction in demand for oil, with a decline in consumption demand, continued weak aviation performance, and an increase in Corona virus infections.
Al-Jazeera revealed that the return of Libyan production opens the door for the coalition to reconsider the current or upcoming production cuts in quantities in 2021.
It is worth noting that the National Oil Corporation announced Thursday lifting the status of force majeure on the “El Feel” field and ending all closures of oil fields and ports.