Resumption of production in Libya and the price of oil.

Libya has always been one of the largest oil producers, and its oil reserves are estimated to be among the largest on the African continent.
Over the past few years, Libya has been one of the obstacles to rising oil prices, as the country has not signed an agreement to limit production.

This is, so to speak, a bonus, due to the unfavorable political and economic situation within the country.

And now the latest news from Libya is causing concern in OPEC countries once again: on September 6, 2017, oil production resumed at one of the largest fields, Sharara.

While the market has not yet reacted to the news, it is possible that a reaction will follow after production volumes increase. The increase in production is unlikely to be significant in global terms, but it is highly likely that oil prices will fall again.

Many experts say that Libya's increased production is the main obstacle preventing the price of oil from rising to $60 per barrel.

The decline will continue until a new factor appears on the market that will influence the price of oil, which could be another agreement between OPEC countries, a resumption of armed conflict in one of the producing countries, or another event related to the energy market.