Libya Oil Head: Preferred Oil Price $100 A Barrel

Libya’s top oil official said Saturday that $100 a barrel is a “good price” for oil.

Shokri Ghanem also joined the chorus of ministers going into Saturday’s OPEC meeting, saying the group won’t change its current self-imposed limits on crude-oil output.

“A good price is a little bit higher than $80 to $90 a barrel,” Ghanem said. “$100 a barrel is a good price for oil.”

He added that the Organization of Petroleum-Exporting Countries is unlikely to gather again before its June meeting in Vienna.

OPEC decided in late 2008 to reduce its production by a total 4.2 million barrels a day to revive flagging oil prices. Most OPEC countries have said the organization should stick to its current quota target.

While oil prices have recently flirted with the $90-a-barrel mark, benchmark futures Friday settled just below $88 a barrel on the New York Mercantile Exchange.

Fox