Libyan official predicts oil prices to hit US$100per barrel soon

Tripoli, Libya (PANA) – The secretary of the managing committee for the Libyan Oil Company (NOC), Dr Choukri Ghanem, on Thursday predicted that oil prices would hit US$100 per barrel soon.

Dr Choukri Ghanem, quoted by NOC's internet website, said the Organization of Petroleum Exporting Countries (OPEC) would, however, maintain its productions quotas.

He was speaking in Tripoli shortly before he left for Quito, Ecuador, where he will attend the extraordinary meeting of OPEC scheduled for 11 December.

He said no change had occurred in the production quota of countries of the oil cartel since December 2008. However, should the oil price will reach US$ 100 per barrel, OPEC would change its strategy of production and carry out flexibility in the quotas.

OPEC had agreed maintain the quotas for gross production set at 24.84 million of barrels per day since 1 January last year for the 12- member countries.

Libya, whose production capacities are presently estimated at 2 million barrels per day, produces 1.5 million barrels per day to respect the production quota which OPEC has allocated to the country.

Libya has oil reserves estimated at about 60 billion of barrels and gas reserves of 1,500 billion cubic metres.
-0- PANA BY/FA/TBM/SOC/MSA/MA 9Dec2010