Gulf members of OPEC will cut their output of oil once Libya’s production is back on track, Abdullah al-Badri, secretary general of OPEC, said this week.
Saudi Arabia and other Gulf producers raised output this summer to make up for the stall in Libyan exports that resulted from the uprising against Col. Muammar el-Qaddafi and the international sanctions imposed against his regime.
Now, “as long as Libya starts to produce more and more, it is in the other OPEC members’ best interest to produce less,” Mr. Badri told the Gulf Intelligence Energy Markets Forum in Dubai. “I don’t talk to member countries individually about this; the market sorts itself out.”
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