Libya's top oil official said Wednesday the Organization of Petroleum Exporting Countries won't take action in their March meeting in Vienna if crude oil prices remain between $70-90 a barrel.
Libya 's top oil official said Wednesday the Organization of Petroleum Exporting Countries won't take action in their March meeting in Vienna if crude oil prices remain between $70-90 a barrel.

"As long as they (oil prices) are under $100 there is no need for action and we will see it as volatility, not a trend," Shokri Ghanem, chairman of Libya 's National Oil Co. told Zawya Dow Jones by telephone.

"If oil prices are at $70-90 there will be no action in March," he added.

OPEC left production targets unchanged at its latest meeting in Angola 's capital Luanda on Dec. 22. The group's next scheduled meeting is due to be held in Vienna on March 17.

Ghanem said he expects price volatility to reach up to $90 in the first quarter because of speculation and the cold weather in North America and Europe , as well as a slight pick up in the global economy.

"Volatility is expected to increase prices to $85-90 in the first quarter--forces driving the volatility are speculation, the cold weather and the economy picking up, but it shouldn't be taken as a trend," Ghanem said.

Crude oil futures stayed above the $80 a barrel mark Wednesday as the market awaited fresh weekly data from the U.S. to show a drop in distillate stocks, confirming a rise in heating oil demand amid low temperatures.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $81.73 a barrel at 1030 GMT, down 4 cents. February Brent crude on London 's ICE Futures exchange was down 12 cents to $80.47 a barrel at 1015 GMT.

"OPEC will continue to monitor the market and see if the recent volatility constitutes a real trend. If it reaches $100 then there could be reevaluation of the situation and OPEC may take action but at present there is no need," Ghanem said.

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