Global oil prices have been affected by the resumption of oil production in Libya, causing a drop in prices. The increase in COVID-19 cases worldwide, also continues to undermine global demand.
Brent crude fell .33 cents at 10:00 am Libyan time, recording $ 42.82 a barrel. US crude fell $ .38 cents, recording $ 40.73 a barrel.
Libya has resumed its oil production, with the Harika oil port preparing to receive an oil tanker from the Netherlands. This would be the first shipment to be exported after the National Oil Corporation (NOC) announced the lifting of the force majeure on the oil ports.
On Friday, the Commander-in-Chief of the Libyan National Army (LNA), Field Marshal Khalifa Haftar, announced the resumption of oil production. During a televised statement, Haftar explained that production will resume according to procedures that would ensure a fair distribution of the oil revenues. The procedures will prevent the use of funds in support of militias, extremists, and foreign mercenaries.