:Oil prices rose on Monday with investors betting that global supply will remain tight, although restraint by major producers was partially offset by a rise in Libyan output. "The bullish sentiment is continuing as (producer group) OPEC+ is not providing enough supply to meet strong global demand," said Fujitomi Securities analyst Toshitaka Tazawa. Meanwhile, Libya's total oil output is back to 1.2 million barrels per day (bpd), according to National Oil Corp. Libyan output was about 900,000 bpd last week owing to a blockade of western oilfields. Concerns over supply constraints outweighed the news of China's possible oil release from reserves, said Fujitomi's Tazawa. Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday it is the prerogative of the U.S. government whether to release supply from strategic petroleum reserves.

Source: Libya Today January 17, 2022 14:45 UTC