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Oil prices up amid decreasing output in Libya

Oil&Gas Materials 29 March 2017 14:56 (UTC +04:00)
World oil prices are rising on March 29 amid the reports about decreasing crude output in Libya.
Oil prices up amid decreasing output in Libya

Baku, Azerbaijan, March 29

By Leman Zeynalova – Trend:

World oil prices are rising on March 29 amid the reports about decreasing crude output in Libya.

The price of May futures for Brent crude oil has increased by 0.92 percent to $51.80 per barrel as of 04:27 EST. Meanwhile, the price of May futures for West Texas Intermediate (WTI) oil has grown by 0.83 percent and stood at $48.77 per barrel.

The volume of oil output dropped by 252,000 barrels per day in Libya after suspension of production at the country’s Sharara and Wafa fields which were reportedly blocked by armed groups.

Earlier, chairman of Libyan National Oil Corporation (NOC) Mustafa Sanalla said that the country plans to bring its oil production to 1.1 million barrels per day by August.

“Our production today is 700,000 barrels per day day and we work hard in order to reach 800,000 barrels per day before the end of April. We will reach 1.1 million barrels per day next August,” added Sanalla.

Alongside with Iran and Nigeria, Libya was also exempted from OPEC oil output cut deal reached last year in Vienna.

Another factor supporting the oil prices is the report released by American Petroleum Institute (API) about the growing crude stocks in the US. The country’s crude stocks have grown by 1.91 million barrels, while experts expected an increase of 2 million barrels.

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Follow the author on Twitter: @Lyaman_Zeyn

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