THE increase output of crude oil by Nigeria and Libya has posed a threat to the global market, even as there are indications that the global oil market may see some rebound in the second half of the year. International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is seen as a distortion to global market.
On current realities, the Agency stated: “The global oil market is expected to rebalance in the second half of 2017, but further output increases among key producers such as Nigeria and Libya could hamper this process.” He added that some key producers including Libya and Nigeria had significantly increased output in recent months. Meanwhile, a report from oil pricing group Platts, stated that more production is possible from Libya and Nigeria, adding to supply-side concerns.
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