Top Libya official says OPEC to keep oil output unchanged

OPEC member countries are likely to leave oil output targets unchanged when OPEC meets later in March 2010, Libya’s top oil official Shokri Ghanem, the chairman of Libya’s National Oil Corporation said on Monday.

“You cannot take a decision based on this volatility,” he said of oil prices. “It is not a real trend, it is reflecting the uncertainty in the market.” He cited tension between Iran, the world’s fourth largest oil exporter and an OPEC member and the West over Tehran’s nuclear programme as a factor boosting prices.

“The price is around $80. It is expected to move a little bit upwards, but once again it’s not because of the fundamentals in the market.”

OPEC oil supply was mired by drastic crude reductions aimed at stabilising crude oil prices. For 2009, total OPEC supply declined 2.3 million barrels per day, a 6.4% decrease from 2008 levels, to end at 33.3 million barrels per day.

Tags:  2010, Libya, March, member, oil, OPEC, output, targets