From rxpgnews.com
OPEC needs not to reduce production quota: Libya
By Xinhua,
Mar 14, 2007 - 9:50:57 AM
Tunis, March 14 - The Organization of Petroleum Exporting Countries - does not need to reduce its production quota in wake of the balanced world market, Libya's National Oil Corporation said.
Shukri Ghanem, who will represent Libya at the OPEC meeting in Vienna Thursday, said that the meeting would focus on the situation of the world oil market this spring, summer and toward the year-end.
Ghanem said that currently there was no need for the oil cartel to reduce its production quota but expressed Libya's willingness to discuss the issue at the Vienna meeting.
An OPEC official also said that OPEC members are inclined to maintain the current oil production quota.
Prices between $50 and 60 are reasonable and acceptable to both producers and consumers, the official said.
OPEC in December decided to cut output by 50,000 barrels per day from Feb 1, following a reduction of 1.2 million bpd in November.
The output cut came after crude prices had plummeted from record highs of above $78 in mid-2006 to about $60.
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