As the oil short squeeze continues, don’t be fooled that price falls to date have curtailed production. The opposite is true.
The news overnight is that Libya is pumping like crazy:
Libyan oil production is fluctuating between 950,000 barrels per day (bpd) and “close to” 1 million bpd, rising from around 935,000 bpd earlier this week, a Libyan oil source with direct knowledge of the matter told Reuters on Thursday.