DOHA (AFP) – Qatar’s Energy Minister Mohammed Saleh al-Sada said on Sunday that the world oil market was “comfortable” despite the conflict which has slashed output in producer country Libya.
“OPEC does not see the need for a meeting at the moment,” Sada, whose gas-rich country like Libya belongs to OPEC, told journalists when asked if the cartel needed an extraordinary session.
“The current situation of the markets is comfortable and there are no problems of supply or reserves,” he said.
Libya itself on Sunday called on foreign companies to resume oil exports from the North African nation, saying its ports were safe despite the deadly month-old conflict.
Libya was producing 1.69 barrels per day before the unrest, according to the International Energy Agency. Of this 1.2 million bpd was exported, mostly to Europe but with China and the United States also major customers.
Oil giant Total said on Friday that the unrest has cut Libya’s output by 1.4 million bpd to under 300,000. The price of oil on world markets has soared since the mid-February outbreak of the anti-government uprising.