NEWS: Nigeria’s Oil Output: A Threat To Global Market

The continuous increase in crude oil production output by both Nigeria and Libya may pose a threat to the global market, even as there are indications that the global oil market may bounce back in the second half of the year.

International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is seen as a distortion to the global market.

On current realities, the Agency stated: “The global oil market is expected to re balance in the second half of 2017, but further output increases among key producers such as Nigeria and Libya could hamper this process.” He added that some key producers including Libya and Nigeria had significantly increased output in recent months.