Libya Sees No Reason For OPEC Oil Output Change

OPEC member Libya does not see a need for the exporter group to cut or increase its oil output at a September 11 meeting, the country's top oil official said on Wednesday.

"We don't see a reason to talk about cuts or an increase," National Oil Corporation chairman Shokri Ghanem told Reuters.

Referring to a drop in oil prices, which have slipped several dollars in August to below $70 a barrel in New York, Ghanem said the slide showed calls for higher OPEC supply were misplaced.

Contact U.S. News


    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Don't Miss

U.S. Video