# Production up, prices down: Oil falls as rising Libyan, U.S. output undermines cuts | Financial Post

> Oil fell about 1% on May 31, 2017, as Libya's output was expected to reach 800,000 bpd and US production rose above 9.3 million bpd. Libyan exports averaged 500,000 bpd so far this year versus 300,000 bpd in 2016.

- Date: 2017-05-31 · published 2017-05-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/71175-production-up-prices-down-oil-falls-as-rising-libyan-u-s-output-undermines-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher Libyan and US supply weakens the OPEC-led cut's effect on the market, keeping crude prices under pressure and softening energy costs for feed production.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- financialpost.com: https://financialpost.com/commodities/energy/production-up-prices-down-oil-falls-as-rising-libyan-u-s-output-undermines-cuts

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.