U.S. News

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.