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Brent oil is trading at $108.90, up nearly $2 as the state-owned National Oil Corporation is now producing less than 250,000 barrels per day; significantly lower than the normal capacity of 1.2 million.
Output at the Sharara oilfield is down to approximately 150,000 barrels per day, which equates to roughly 50% capacity, and some wells in the east of the country remain closed. Overall Libya’s oil exports are down 80%; this has pushed oil to its highest trading level in five days.
Oil traders are keeping an eye on the situation in Iran, as a number of Western diplomats are due to meet representatives from Iran on Wednesday. The country’s uranium enrichment programme has not halted and the diplomats would like to come to an agreement that suits all parties involved. If political tensions rise in the region we could see oil trade towards the $110 level.