In an article for Politico Europe, Jason Pack and Rhiannon Smith discuss how Libya's slowly but steadily rising oil production could undermine OPEC's recent agreement to cut its members' outputs, and how this could actually be beneficial for Southern Europe's struggling oil-dependent economies. They conclude:
The NOC has said it plans to increase production and exports to 900,000 barrels per day by the end of the year, and while Libyan estimations of future production should usually be taken with a grain of salt, this time, it seems completely possible.To be sure, production figures could once again plunge as quickly as they rose. And yet, there’s reason to imagine that it will not. With the Islamic State and Jadhran’s forces marginalized, for the first time since 2014, the country’s main political players are all in a position to benefit from the flowing oil. And that’s good news for Europe — especially for the crisis-mired southern countries, which are largely dependent on the type of sweet crude that Libya exports.
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