Saturday 24 December 2011

OPEC has gentleman's deal on Libyan output: Libya | Reuters

Libyan Oil Minister Abdulrahman Ben Yazza said on Saturday there was a "gentleman's agreement" in OPEC to accommodate Libya as it lifts oil production back to levels before a civil war this year hit output.

"There is a gentleman's agreement to accommodate Libyan production," Ben Yazza told reporters on the sidelines of an Arab oil ministers meeting in Cairo.

Libyan National Oil Corp (NOC) Chairman Nouri Berrouin earlier told reporters at meeting that production levels in Libya were now "a bit more than a million" barrels per day (bpd). He said output would reach pre-war levels by mid-next year.

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