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.
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