An escalation of fighting in Libya is threatening further supply disruption
Singapore/London — Oil prices rose to their highest level since November 2018 on Monday, driven by Opec supply cuts, US sanctions against Iran and Venezuela and fighting in Libya as well as strong US jobs data.
To prop up prices, Opec and nonaffiliated allies like Russia, known as Opec+, pledged to withhold about 1.2-million barrels per day of supply from the start of 2019. “However, the latest boost was received from an escalation of fighting in Libya, which is threatening further supply disruption,” he added.Despite the host of price drivers, there are still factors that could bring oil prices down later in 2019.
Another key architect of the Opec-Russia deal, Kirill Dmitriev, the head of Russia's direct investment fund, said on Monday Opec and allies should raise output from June. Dmitriev previously said it was too early to pull back from cuts.In the US, crude production reached a global record of 12.2-million bpd in late March.
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