As reported by Reuters, OPEC+ producers are facing a new problem related to the abundance of oil supply after the quick and unexpected increases in Libyan oil production. This happens against a backdrop of weak global demand for oil due to the coronavirus pandemic and slowing economic activity in European countries.
OPEC+ producers are to discuss the situation of global oil supplies, especially since the group had previously planned to ease production restrictions as of January 2021 by about two million barrels per day, from the current level of cuts of 7.7 million barrels per day.
The group gathering major producers like Saudi Arabia and Russia will hold its monthly meeting virtually on Monday to review developments in the market situation and examine the extent of producers’ compliance with production cuts quotas.