OPEC Production Down Due to Oil Terminals Closure

February 3, 2020

Tripoli, 2 February 2020(Lana) A survey conducted by Reuters has revealed that OPEC oil production has fallen in January to its lowest in several years, because of halt of supplies from Libya due to closure of oil terminals. Reuters said that in spite of the production decline prices have plunged to less down 60 dollars a barrel, driven by fears of spread of Corona Virus, which could curtail demand by China. Losses incurred by closure of terminals amount to $77 million a day, according to the National Oil Company of Libya.