Libya: OPEC should change course, cut oil output

A framework deal announced last week to curb Iran's nuclear work could eventually allow Tehran to boost oil exports, which have been cut by almost half since 2012 due to Western sanctions.

Libya: OPEC should change course, cut oil output

World Bulletin / News Desk

OPEC should change course and cut oil supply by 800,000 barrels per day (bpd) or more to prevent an expected return of Iranian exports from weighing on prices, Libya's OPEC governor said.

The comments underline how the halving of oil prices from $115 a barrel in June on global oversupply is hurting OPEC's less wealthy members outside the Gulf and suggests the 12-nation group remains divided over the impact of its 2014 policy shift to defend market share, not prices.

"OPEC members, as a unit, need to re-evaluate their strategies," Samir KamalLibya's OPEC governor and head of planning at the North African country's oil ministry, told Reuters by email.

They "need to reach an agreement to bring down the production levels by at least 800,000 barrels a day, especially now that an agreement has been reached with Iran which is expected to increase its production", he said.


Güncelleme Tarihi: 08 Nisan 2015, 15:48