Platou: Libyan oil production could aid tank market

An improving Libyan oil production could have a positive effect on the crude oil tank market, says Platou.

The fundamental problem for the tank market this year, besides the massive overcapacity, has been the declining oil trade, writes Norwegian analysts Platou. The oil market has been struggling with supply disruptions from vital oil producers, most recently Libya, where oil production declined to 150,000 barrels per day earlier this month.

But according to Bloomberg, Libya's oil production is expected to improve to 800,000 barrels per day, as five of the country's nine biggest export terminals will start operating again.

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