Libya lifts force majeur
Leaders in Libya’s civil war signed a ceasefire today and now there are plans to quickly ramp up oil production.
The country’s NOC says it plans to boost oil production above 1 mbpd in four weeks. It’s around 500kbpd now, up from less than 200kbpd over the past few months.
The global market doesn’t need extra oil right now. Libyan production before the conflict was about 1.2 mbpd.
We’re going to see a big move in oil before too long.
Update: there was an insane delay on that trade and now crude has finally dropped.