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Libya to reduce daily oil output

AFP
TRIPOLI
Petroleumworld.com 10 27 06

Libya is to reduce its oil output by 72,000 barrels a day (bpd) to conform with the recent OPEC decision to cut the cartel's overall output by 1.2 million bpd, a source at the National Oil Company (NOC) told AFP Thursday.

"This decision was taken in the context of the Organisation of the Petroleum Exporting Countries," the source said, adding that the reduction would take effect from the beginning of November.

OPEC announced in Doha, Qatar, on October 20 that the cartel would reduce crude output by 1.2 million bpd from November 1, in a bid to offset falling prices on the world market.

Shukri Ghanem, the NOC chairman, said previously that a 1-million-bpd reduction would be enough to rebalance the market. He said Tripoli agreed with the decision to reduce output.

AFP 26 1305 GMT 10 06

Copyright ©2006 AFP. All Rights Reserved.

 

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