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Oil rose as Libyan supply tightened ahead of an OPEC+ meeting on Tuesday to discuss production policy for February.

Futures in New York advanced toward $76 a barrel in early Asian trading after sliding 2.3% on Friday. Libyan output is expected to decline to the lowest level in more than a year as workers try and fix a damaged pipeline less than two weeks after militia shut down its biggest field. The OPEC+ alliance is set to agree to an increase in production next month, a Bloomberg survey shows.

Oil posted its biggest annual gain since 2009 last year as the rollout of vaccines helped economies to reopen, boosting energy demand. While OPEC+ is poised to add another 400,000 barrels a day to global supply, there are still concerns about crude demand as China tackles a Covid-19 flare-up and the omicron virus variant leads to flight cancellations worldwide.

Libya expects its oil production to drop by another 200,000 barrels a day over the next week. Together with the supply lost from the shutter of its Sharara field, that will trim overall output to about 700,000 barrels a day.

 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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