Turkish refineries, which buy Russian oil at reduced prices, have subsequently seen their sales to Europe increase.

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.

The implementation of the price cap policy by the US and Western nations in late 2022 has had an impact on the transportation of Russian …

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

The ministry further explained that production levels in August and September are expected to compensate for the overproduction in July.

Analysts caution that investors may see some profit-taking in the near term due to the significant run-up in the stock prices.

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

Geopolitical tensions have played a significant role in supporting oil prices.