Oil supply adequate, no calls for OPEC meet

LONDON (Reuters) – Global oil supplies are adequate and there are no moves within OPEC to hold an emergency meeting to discuss record oil prices, Libya’s top oil official said on Sunday.

“I think there is enough oil in the market, I did not hear anybody calling for a meeting,” Shokri Ghanem, head of Libya’s National Oil Corporation, told Reuters in a telephone interview.


… Oil was becoming more difficult and costly to produce, and global supplies were nearing their peak, Ghanem said.

“The easy, cheap oil is over, peak oil is looming,” Ghanem said.

Ghanem said last year that it may not be possible to boost global supply beyond 100 million barrels, from about 87 million bpd now.

Reuters