LONDON :Oil prices were steady on Monday, as investor bets that global supply will remain tight amid restraint by major producers were 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 Toshitaka Tazawa, an analyst at Fujitomi Securities. Meanwhile, Libya's total oil output is back to 1.2 million barrels per day (bpd), according to the National Oil Corp. Libyan output was around 900,000 bpd last week, due to the blockade of western oilfields. Concerns over supply constraints outweighed the news of China's possible oil release from reserves, Fujitomi analyst Tazawa said. Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday it is the prerogative of the U.S. government whether to release supply from the strategic petroleum reserves.

Source: Libya Today January 17, 2022 10:32 UTC