Abu Dhabi (Platts)--4Dec2007
Libya's top oil official Shokri Ghanem said Tuesday he believed oil
supply and demand were currently in balance, and that he saw no need for OPEC
to increase production at its ministerial meeting in Abu Dhabi Wednesday.
Ghanem, who heads Libya's National Oil Company, said he was prepared to
listen to any arguments in favor of a production hike, but that he had not
heard of any specific proposal for such a move.
"The main concern for OPEC is always trying to get the supply/demand in
balance and it is balanced," Ghanem told reporters.
"If the market needs oil, we will give it oil," he said. When asked if he
thought the market currently needed more oil, he said: "No, I don't think it
needs any. we are not short of oil."
Asked if he was opposed to any production increase, the Libyan official
said: "No, if they can convince me, I am not. I am not opposed to anything. I
need to be convinced and so far I am convinced that the market is
well-balanced."
Ghanem added that he had not heard of any proposal for OPEC to boost
supply at Wednesday's meeting, and said he believed current prices were "very
reasonable."
OPEC most recently increased production by its 10 members bound by output
restraints by 500,000 b/d from November 1, setting a ten-member target of
27.253 million b/d.
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