Oil prices have cratered in recent days following a slew of news, including renewed oversupply fears from Libya.
Last week, the country’s Sharara and El Feel oilfields, which can pump 400,000 barrels per day, came back online.
The National Oil Company (NOC) said on Monday that Libya’s oil production jumped to 760,000 bpd — the highest level since December 2014. ChairmanMustafa Sanalla added that the NOC was working to boost production even further.
And finally, there have been reports that talks between leaders of the two largest rival factions, the head of the UN-backed government Fayez al-Sarraj and General Khalifa Haftar, have “made some progress.”