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16-01-14

Libya's oil output increase to benefit European refiners

(MENAFN) The first growth in oil output in Libya in 10 month may cause regional crude costs to drop, Times of Oman reported. The country's government said that oil output increased to 650,000 barrels per day (bpd) in the three weeks to January 13. A senior market analyst at KBC said: "All European refiners are likely to profit from rising Libyan production as light, sweet supply increases."