Libya says OPEC will likely hold production levels

12th October 2010, Comments 0 comments

OPEC will likely hold its official production quota steady at an official meeting in Vienna this week, amid the uncertain oil market outlook, the head of Libya's National Oil Company said here on Tuesday.

"I think we are not going to see a change (for the OPEC meeting)," Shukri Ghanem said on the sidelines of the Oil & Money annual conference in central London.

"I think we'll wait for what is going on, and we'll sit again in March and see."

He added: "There is a lot of uncertainty in the market, and the prices are quite volatile. We don't know if they will be ten dollars up or down in one month."

OPEC, which pumps about 40 percent of the world's crude oil, has had an official daily production level of 24.84 million barrels since January 2009.

The powerful cartel comprises 12 members -- Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

© 2010 AFP

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