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Libya Won't Call For Emergency OPEC Mtg At $110 Oil-Libya Oil Min

Libya Wont Call For Emergency OPEC Mtg At $110 Oil-Libya Oil Min
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Τετ, 12 Ιανουαρίου 2011 - 15:47
Libya won't call for an emergency OPEC meeting, even if oil prices hit $110 a barrel, Libya's top oil official said Wednesday. "Libya will not call for an emergency meeting at $110 a barrel," said Shokri Ghanem, Chairman of Libya's National Oil Co., or NOC. "There is enough oil in the market now," he said.
Libya won't call for an emergency OPEC meeting, even if oil prices hit $110 a barrel, Libya 's top oil official said Wednesday.

" Libya will not call for an emergency meeting at $110 a barrel," said Shokri Ghanem, Chairman of Libya's National Oil Co., or NOC. "There is enough oil in the market now," he said.

Ghanem's remarks are the latest from a leading oil exporter to suggest that many members of the Organization of Petroleum Exporting Countries would favor a hands-off approach should oil prices spike in the coming weeks into the triple digits. Many experts believe oil prices will soon breach $100 a barrel and could go then go higher.

Saudi Oil Minister Ali Naimi, the most influential voice within the organization, has said he doesn't see the need for OPEC to meet before the next scheduled gathering in June, even as he has repeatedly said he views $70 to $80 as a good price range for oil.

At 1046 GMT, February Brent crude oil futures were down $0.10 at $97.51 a barrel, and February Nymex crude was down $0.08 at $91.03 a barrel. The drop followed news that the Trans-Alaska pipeline had begun to resume flowing oil after a leak suspended 95% of deliveries.

Ghanem said OPEC wouldn't react to such temporary incidents.

"These temporary incidents happen all the time and they are taken care of by oil stocks and strategic reserves, it's nothing to worry about on the supply and demand side, the market is still well supplied," he said.

"We don't think the price increase is because of fundamentals, it's temporary factors like the cold temperatures and pipeline in Alaska , so we can't take any decision or even consider a change in assigned quotas and production rates based of three days of increase in price," Ghanem added.

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