Crude oil prices rallied for the fifth day amid supply concerns due to Kazakhstan turmoil and dropped output in Libya. On the other hand, the US West Texas Intermediate (WTI) price reached $80.05 a barrel, up by $0.59 (+0.74 percent). To add to the Kazakh turmoil, Libyan oil output is reportedly down by more than 500,000 barrels per day (bpd) due to pipeline maintenance and oilfield shutdowns. Production in Libya has dropped to 729,000 barrels per day, down from a high of 1.3 million bpd last year. Supply additions from the Opec+, are not keeping up with demand growth.

Source: Libya Today January 08, 2022 05:29 UTC