Letting it All Out

October 30, 2020

Libyan oil is hitting an oversupplied market

We last discussed Libya in our Weekly Opinion a little over two months ago (July 17, 2020 – “Libya’s Rollercoaster Ride”). At the time the country’s production and exports were reduced to almost zero because of the continued fighting between the two factions that controlled the west and the east of the country, respectively.

Although the situation was bad for Libya, the country’s production and export struggles were quite helpful for the other members of OPEC, as they were trying to reduce production in the midst of the Covid-19 pandemic. Now, barely two months later, the situation has changed 180 degrees. Libyan oil is flowing again. What is its impact on the oil and tanker markets?

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