A recovery in Libya's oil output after Col. Moammar Gadhafi's era is likely to be slow and gradual and will have a short-lived effect on crude prices, a senior Gulf OPEC official said Monday.
A recovery in
Libya
's oil
output after Col. Moammar Gadhafi's era is likely to be slow and gradual and
will have a short-lived effect on crude prices, a senior Gulf OPEC official
said Monday.
Oil prices came under pressure Monday, initially falling by around $3 a barrel
on the front-month Brent crude futures contract in early trade. Investors
reacted to news that rebel forces had entered
Tripoli
Sunday, fueling hopes that the six-month-long conflict is nearing an end.
"It is great news that Gadhafi's regime is coming to an end, but
Libya
's
output is going to take a long time to recover, and the recovery will be
gradual," the official told Dow Jones.
"The market will absorb the Libyan oil just as it did before with
Iraq
and
Russia
, and
any pressure on prices will be short-lived," he said.
The Organization of Petroleum Exporting Countries, or OPEC, is flexible and
will adjust to changes in
Libya
's
production, but it currently sees no need for an emergency meeting to discuss
the situation, OPEC officials said.
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