- WTI is down 38c to $45.33/Bbl, and Brent is up 27c to $48.07/Bbl
- Libya's oil production has reached 1.25 MMBbl/d, according to the state's NOC
- OPEC+ leaders Alexander Novak (Russian Deputy Prime Minister) and Abdulaziz bin Salman (Saudi Energy Minister) have called for an informal meeting over the weekend
- Libya oil production has increased nearly 100 MBbl/d since its last update, with production near 1.25 MMBbl/d
- Libya will likely struggle to produce more than 1.3 MMBbl/d, in the absence of major investments, according to Bloomberg
- AEGIS notes the additional output is likely to complicate the OPEC+ decision scheduled for Monday. Libyan state officials have hinted that they will not discuss a potential quota with the cartel until they have reached at least 1.7 MMBbl/d
- Saudi Arabia and Russia have called for an informal meeting this weekend in anticipation of the group's decision on November 30
- The cartel is expected to delay its output hikes by three to six months, though most are expecting the former
- AEGIS notes the decision is anything but certain as a backwardated curve, returning Libyan output, and an oil rally that lifted prices to $45/Bbl is likely weighing on member's minds. Furthermore, there has been chatter of discord between members such as Iraq and the UAE