Libya’s increased oil production thwarts OPEC’s reduction plans

By Clifford Krauss / The New York Times
HOUSTON — The price of oil keeps sinking, and there is no shortage of reasons. American oil companies are producing too much petroleum. The Organization of the Petroleum Exporting Countries has not cut production enough. Motorists around the globe are not driving enough to shrink crude and gasoline inventories as quickly as expected.
But the biggest wild card in the equation — one that could tip prices at the pump from one day to the next — is oil-rich Libya, among the most unstable countries in North Africa. Contrary to the predictions of almost all experts, Libya’s production has climbed a wall of crisis in recent months to 885,000 barrels a day last week, roughly triple its production of only a year ago.
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