Save for later Print Download Share LinkedIn Twitter No matter how much the world needs oil, Opec-plus is unable to provide. Crude oil production, in fact, is in decline, albeit temporarily. Just after Russian output collapsed under the weight of self-sanctioning, Libya became embroiled in widespread protests and a political standoff that have conspired to obliterate output. If the alliance produced 44 million barrels per day in March, this is expected to fall by 1 million b/d this month. A recovery is anticipated only in September, although this in large part depends on whether Libya can resolve the impasse and start ramping up output.
