Portuguese 
Spanish 
Operations at Libya’s Important Oil Field Disrupted, Impacting Commodity Price and Contract Liquidity. Cracks in OPEC+ Alliance Evident.
The oil market closed higher due to disruptions in Libya’s operations and OPEC+’s commitment to stability. The most liquid oil contracts gained momentum and closed higher, with WTI oil for February 2024 rising 3.30% (US$ 2.32) to US$ 72.70 per barrel, and Brent for March, traded on the Intercontinental Exchange (ICE), rising 3.11% (US$ 2.36) to US$ 78.25 per barrel.
Oil, as a fossil fuel, is an important energy commodity in the global market. Crude oil is a fundamental part of the global economy and is affected by various factors, including geopolitical issues and decisions by major producers. Rising oil prices can impact various industries and consumers worldwide.
Oil: Impact of Operational Disruptions and the Red Sea
After a discouraging start, oil changed course and began to rise following the announcement that operations at the El Shahara oil field, one of the largest and most crucial oil fields in Libya, were halted, according to Libya Al-Ahrar.
-
OPEC+ Boosts Oil Supply by 188,000 Barrels per Day in July 2026, Leading to Price Drop from $112 to $89 per Barrel in Under Two Months
-
TotalEnergies Signs 20-Year Deal to Purchase 2 Million Tons of LNG from Alaska, Boosting Project Viability
-
Turkey Deploys Çağrı Bey Drilling Ship to Explore New Oil Frontier Off Somalia’s Coast
-
Golden Pass LNG Ships First Liquefied Gas Cargo from the U.S., Completing $10 Billion QatarEnergy and ExxonMobil Investment
Oanda: New Attacks and Interruptions in Libya Drive Commodity Prices Higher
Oanda also mentions that new attacks in the Red Sea have driven commodity prices higher, along with the disruptions in Libya. However, it warns that if these events do not escalate, they do not pose significant upward risks to oil prices. ‘Brent and WTI are trading at low levels due to abundant supply in the market and the cracks in the OPEC+ alliance, which have created uncertainty regarding production cuts’.
OPEC+ Statement Reinforces Commitment to Market Stability and Global Economy
However, today OPEC+ issued a statement reinforcing its commitment to unity and market stability, in reference to Angola’s exit from the cartel. The text also highlights the group’s efforts to strengthen the global economy and overcome challenges, such as the COVID-19 pandemic.
Source: CNN Brasil
