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Libya’s Oil Production Renewal Unlikely To Boost Market Imbalance- Russian Energy Minister

The Address | Benghazi – Libya

MOSCOW – Renewal of oil production in Libya will not exacerbate the disequilibrium of supply and demand, caused by the ongoing coronavirus outbreak, as it is already factored in by the market, Russian Energy Minister Alexander Novak said on Friday.

The recent outbreak has been having an adverse effect on the oil market, driving down global oil prices. On Thursday, the OPEC+ Joint Technical Committee recommended cutting oil production as the market moves into a bearish phase due to the epidemic. Russia opposed such an initiative.

“When Libya exited the market, the market did not react to that, understanding that it will return.

That is why all these things are already being taken into account in the market,” Novak told reporters.

The energy minister voiced his expectations to see a slowing down of the oil production growth rates in the United States.

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