- Oil is trading higher by more than $2 to $77/Bbl as Middle East tensions continue, and Libyan production is halted (As of 8:20 AM)
- Over the weekend, Israel launched strikes against Hezbollah, and Hezbollah responded with over 340 rockets
- Libyan oil fields shut down (Reuters)
- The government of eastern Libya announced on Monday that all oil fields will close down and production will be halted
- The internationally recognized government in Tripoli did not comment, nor did the National Oil Corp, which controls the country’s resources
- Most of Libya’s production is in the eastern part of the country, which the Libyan National Army controls
- It is unknown when Libya could return production to its 1.2 MMBbl/d capacity, but ongoing conflict and civil war have led to almost continuous disruptions recently
- US producers boost production goals (Argus)
- US producers like Diamondback Energy and Chevron are increasing 2024 targets due to efficiency gains.
- Revisions are modest, but higher non-OPEC production could hinder OPEC’s ability to bring supply back to the market
- Improved techniques have sped up the drilling process, reducing the time and costs associated with bringing new production online
 |
|
|
|
|
 |
Looking for interest rate charts? We moved them here |
