Libya has resumed production at the largest oil field in the war-torn country, state-run National Oil Corp (NOC) announced, as its crude exports are set to reach a nine-month high.
Rising supply from the Opec member has prompted speculation over renewed floating storage demand with oil demand still weak amid the second wave of coronavirus pandemic.
“With a fragile oil market backdrop, Libya pushing further volumes into the market could mean we yet again face an oversupplied oil market,” Fearnley Securities said in a note on Monday.
