The ongoing unrest in Kazakhstan and the supply outage in Libya have bolstered global oil prices on Thursday. However, there were no indications that oil production in the country has been affected so far. In Libya, lack of maintenance and oilfields shutdowns has plunged the leading African oil producer’s output to 729,000 bpd. The oil prices rallied despite a surge in United States fuel stocks last week. OPEC+ on Tuesday agreed to further increase oil production by 400,000 bpd in February, as it has done each month since August.

Source: Libya Today January 06, 2022 22:00 UTC