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OPEC Not Considering More Oil Supply Cuts Now: Libya - ASHARQ AL-AWSAT English Archive
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BEIJING (Reuters) – OPEC is not actively considering cutting production again as oil markets are jittery, but the cartel could opt to meet before its next scheduled meeting in December, Libya’s top oil official said on Friday. Shokri Ghanem also warned that continued low oil prices — which fell below $60 a barrel for the first time in a year and a half on Friday — could force companies to cancel new projects, risking a shortage of oil in two years.

“These days we can see the market jittering up and down. So to take a decision to cut quickly is maybe premature. So we are not at this point in time thinking of more cuts but of course we are watching the market,” he told reporters in Beijing, where he was attending a global forum for national oil company executives.

“I think if this trend continues, of course many projects are going to be scrapped and in two years we are going to be facing a real shortage in supplies and that will drive the prices as it did this year. But we have to wait and see.”

OPEC agreed to cut output by 1.5 million barrels per day (bpd) or about 5 percent last month. Its next scheduled meeting is in Algeria on Dec 17.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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