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Global Risk: Ups and downs in Libyan oil production

The Libyan oil production is far from certain and is still characterized by the conflict in the country, resulting in ups and downs in the production, and this will continue for months if not years, says Global Risk Management.

The global oil markets should not count on the Libyan oil production, as it is currently fluctuating significantly, and these ups and downs are likely to continue for months or years, says Michael Poulsen, oil analyst at Global Risk Management.

The production recently increased, analysts say, by around 300,000 barrels of oil per day. The extra oil was placed in storages that are now at max capacity, which means that the production has dived back down to around 200,000 barrels per day. The problem remains that the oil cannot be exported, as rebel groups in the country have seized control of the three export terminals in the eastern part of the country.

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