OPEC Agrees to Accomodate Libyan Oil Output

Libya's oil minister Abdurahman Benyezza was reported saying by Zawya Dow Jones, at the Organisation of Petroleum Exporting Countries,OPEC, meeting in Cairo, that there is a "gentlemen" agreement inside the organisation, to accommodate the country's crude oil as production recovers.

When Benyezza was asked in the Egyptain capital, Cairo where he was attending a meeting of the Organisation of Arab Petroleum Exporting Countires, OAPEC, if Gulf countries promised to cut output next year when production at the North African country recovers, he said: "There is a gentlemen agreement to accommodate Libya's production.. but nothing formal."

Libya is currently producing over 1 million barrels of crude oil per day and expects to boost output to pre-war levels of about 1.6 million barrels a day by mid-2012, the head of the country's National Oil Co. had said earlier Saturday.

Benyezza was one of seven Arab oil members from OAPEC in the OPEC meeting in Cairo that were also members of OPEC. The others arem Algeria, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates.

 

(Source: Tripoli Post)