While Brent oil has doubled since April as OPEC+ reduced output to tackle a glut, surging infections across the globe have increased fears of a prolonged hit to demand and kept a lid on further gains. OPEC and its allies are yet to decide on whether to extend their full production cutbacks after July, Russian Energy Minister Alexander Novak said last week.
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Libya will export two oil cargoes totalling 1.2 million barrels in July -- a third less than in June. The Bouri and Farwah terminals will each ship one cargo of 600,000 barrels, according to an initial loading program seen by Bloomberg. That compares with 1.8 million barrels shipped for all of June.
Meanwhile, the World Health Organization reported a one-day high in global infections over the weekend, while Iran and Indonesia reported their deadliest days yet. Mexico overtook France with the fifth-deadliest outbreak, while India was poised to surpass Russia with the third-highest number of cases.
