The current oil prices are
mainly a correction move, and are also being driven by seasonal demand, Libya's
top oil official said Friday.
"We (Libya)
want oil prices at $100 per barrel. OPEC is not worried about current oil
prices, they are a correction...and also driven by seasonal demand,"
Shokri Ghanem, Chairman of Libya's National Oil Corp., told Dow Jones
Newswires.
The Organization of the Petroleum Exporting Countries doesn't see a call to
meet before June, and the current compliance level of the oil group is about
60%, he said.
"No, we are not happy about the current compliance level. We will call for
more adherence," he added.
Libya,
which has not held an oil and gas licensing round for several years, will not
to issue any new oil concession licenses in 2011, he added.
The North African country is currently producing around 1.5 million barrels of
oil per day despite its ability to produce almost two million barrels a day.
"Production is according to our international commitment, in particular
our OPEC commitment, and in the meanwhile we don't want to rock the boat of the
market," he added.
OPEC left its crude oil production ceiling at 24.85 million barrels a day at
its meeting earlier this month, despite recent signs a recovering world economy
might call on the group to open its spigots next year.
The group, which disclosed its next meeting would be in June in Vienna, has held its
quota at this level since late 2008.
Arab oil ministers are in Cairo
for a meeting of the Organization of Arab Petroleum Exporting Countries, or
OAPEC, set for Saturday. Seven of the members of OAPEC are also members of
OPEC.
They are Algeria, Iraq, Kuwait,
Libya, Qatar, Saudi
Arabia and the United Arab Emirates.