The swift decline in oil and oil-related stocks stemmed from a boost in production from Libya after warring factions within the country that led to the shutdown of oil fields announced a truce.
On Friday, the National Oil Corporation of Libya said it would double its production to 1 million barrels per day from today's rate of 500,000 barrels per day by next month. The oil production increase from Libya may put a dent in OPEC+'s plans to limit supply in hopes of boosting oil prices. If oil prices continue to deteriorate, OPEC may be forced to continue production at its current rate, if not higher, to make up for the shortfall in prices.
Also hurting oil prices is the swift rise in COVID-19 cases around the globe, and related partial lockdowns across Europe. The third wave of COVID-19 is set to put a dent in oil demand recovery as travel softens.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Billion Dollar Loser book: Inside WeWork CEO Adam Neumann's Summer Camp - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. WeWork Tommy Wiseau?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside Quibi's $1.75 billion rise and six-month fall - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Forget about Quibi. My website doesn’t spy on you and everything is free to watch. www. Meg Whitman ruined HP, she ruined Aquino, and she didn’t do much at PayPal.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside yachting's sexual harassment and bullying problem - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. capthlr how true is this?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside independent ad agency The Richards Group's problematic culture - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
An Inside Look At This CEO’s Refreshing Way Of Doing Business In The Beverage IndustryFor Certified Holistic Educator, Raw Food Chef, Plant-Based Nutritionist, and Founder of organic juice brand Garden of Flavor Lisa Reed, it’s all about the juice.
Source: Forbes - 🏆 394. / 53 Read more »
Carbon Pledge Lifts Wind and Solar Stocks in ChinaChinese renewable-energy stocks have soared recently as investors believe the country’s drive to become carbon neutral will fuel heavy investment in wind farms and solar parks. they are dropping now. You people are so embarrassing you refuse to report a REAL NEWS STORY ABOUT biden son.... But everything about our President is fair game..... You are paying with your LOW ratings..... SAD AND UNACCEPTABLE... BUT NORMAL FOR THE FRAUD NETWORK.. And you know obama got a piece!!! No second virus wave on Cina? How it’s possible?
Source: WSJ - 🏆 98. / 63 Read more »