Libya says no need to cut oil output further

OPEC most likely does not need to cut oil production further, the top official of Libya’s National Oil Corporation said, according to German paper Handelsblatt.

“As of today it looks as if we probably do not need a further cut in production,” said Shokri Ghanem, chairman of Libya’s National Oil Corporation (NOC) told Handelsblatt in an interview published on Friday.

Ghanem had told Reuters financial television on Wednesday that OPEC may not need to make further output cuts at its May 28 meeting if market conditions continue to be favorable.
Reuters