Oil prices rose about 2% on Thursday, extending their new year’s rally, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya. There were no indications that oil production in Kazakhstan has been affected so far. The country produces about 1.6 million barrels of oil per day. “OPEC production, while it did increase, disappointed the market - it is not going to be enough to keep up with demand,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “Our reference case now assumes the alliance will fully phase out the remaining 2.96 million bpd of oil production cuts by September 2022,” the bank’s analysts said in a note.

Source: Libya Today January 07, 2022 07:00 UTC