Libya May Cut Oil Output as Market Is Oversupplied, Ghanem Says

(Bloomberg) — Libya may cut oil production because the market is oversupplied, the nation’s top oil official said.

“We are also weighing such a move because of the threats and intimidation against OPEC,” National Oil Corp. Chairman Shokri Ghanem said in a telephone interview today from Tripoli. “We have to protect our interests.”


He declined to say when a decision would be made on whether to lower production, or give any indication of the size of the cut under consideration.

Ghanem cited threats of sanctions against Iran and U.S. legislation allowing lawsuits against the Organization of Petroleum Exporting Countries.

Bloomberg