Mon, Dec 12, 2011 - Page 10 News List

OPEC is set for meeting amid tensions with Iran

AFP and Bloomberg, LONDON

However, Commerzbank analyst Eugen Weinberg said that there was still “potential for conflict” at the meeting because Libya was rapidly increasing its oil output.

Current Libyan output is “likely to make calls among hawks like Venezuela and Iran to cut back production louder,” he said.

El-Badri, addressing the World Petroleum Congress in Doha last week, said he expected Libya to return to full pre-war oil production levels by the middle of next year.

Libya was pumping out about 1.6 million barrels per day before the eight-month rebellion against former Libyan leader Muammar Qaddafi, who was captured and killed in October.

According to Libya’s National Oil Corp, the country is currently supplying 600,000 barrels per day after production hit a virtual standstill during the conflict.

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