Libya’s instability could help OPEC reach target

Political uncertainty and the acceleration of armed confrontations in Libya could push the price of oil a little higher. As OPEC tries to enforce the agreement to cut oil production with a view to a lasting rise in the price of oil’s barrel, the weakness or even the halt of Libyan production could unwittingly help it achieve its goal.

While the Russian energy group Rosneft signed an agreement with the Libyan National Oil Company (NOC), the Libyan National Army (LNA) of General Khalifa Haftar was attempting to regain control of the main oil terminals of Es Sider and Ras Lanuf from Islamist militants of the Benghazi Defense Brigades (BDB).

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