Given the ongoing imbalance between global oil supply and demand in the wake of the major waves of Covid-19 that hit the world last year, news that Libya is now targeting 1.45 million barrels per day of oil output by the end of this year, 1.6 million bpd within two years and 2.1 million bpd within three to four years will compound a negative price sentiment on oil pricing for many traders. Although the most bullish of forecasts – principally from oil companies and state producers talking their own book – look for demand to catch up with supply by the very end of this year, more independent authorities take a less optimistic view. The International Energy Agency, for example, just last month stated in its ‘Oil 2021 Analysis and Forecast to 2026’ that: “Global oil demand, still reeling from the effects of the pandemic, is unlikely to catch […]