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On Friday, crude oil prices declined by 3.11%, closing at $73.60. The downturn extended to Monday as investors weighed the likelihood of increased OPEC+ production starting in October against a steep decline in Libyan output, amid sluggish demand in China and the U.S., the world’s two largest oil consumers.
(Crude Oil Daily Price Chart, Source: Trading View)
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are poised to move forward with a planned increase in oil production starting in October. Eight OPEC+ members are scheduled to raise output by 180,000 barrels per day in October as part of a strategy to gradually roll back their latest 2.2 million bpd production cuts while maintaining other reductions until the end of 2025.
Meanwhile, in Libya, the Arabian Gulf Oil Company has resumed production at up to 120,000 bpd to meet domestic needs, though exports remain suspended after a standoff between factions shut down most of the country’s oilfields. In summary, crude oil has posted losses for two consecutive months as economic concerns in China and the U.S. have overshadowed the disruption in Libyan supply and escalating geopolitical tensions in the Middle East.
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