Libya’s oil production reached 1mn b/d at the end of June for the first time in four years. The average for the month of June was 850,000 b/d according to MEES estimates, the highest monthly average for almost three years. The numbers are impressive – unless you are an Opec member banking on building upward pressure on oil prices through supply cuts (MEES, 7 July).

But while the data deliver on promises of recent weeks, the gains are below those pledged at the beginning of the year, and they remain fragile. (CONTINUED - 1580 WORDS)