Following reduced crude output in Libya (an OPEC member) and other OPEC exporters, oil prices rose this week. Oil production in Libya has fallen by over 250 000 bpd this week after armed protesters blocked its Sharara oilfield, which stopped a pipeline operating. The country was pumping 700 000 bpd before the pipeline halt. Meanwhile, OPEC members are intentionally trying to trim 1.2 million bpd during 1H17 as part of a recent deal to gradually restore the market to balance.
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