Mazen Salhab attributed the price drop to the end of peak summer demand and a negative shift in traders’ sentiment.

This increase was attributed to growing crude imports and declining exports.

Libya typically produces around 1.2 million bpd, with the majority of its crude being exported to international markets.

OPEC’s latest report also indicates a slight uptick in July production, with an increase of 117,000 bpd, primarily driven by Saudi Arabia.

Phillip Nova analyst Priyanka Sachdeva noted that this ongoing concern would continue to limit the potential upside in oil prices.

Higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance.

This situation likely contributed to the decision to allow milk powder imports.

The United States, as the world’s largest oil consumer, is entering its peak summer consumption period.

Analysts had projected that U.S. energy firms would withdraw 1.9 million barrels of crude from storage.

Shell is exiting onshore oil in Nigeria after nearly a century, signaling a significant strategic move amidst environmental challenges