Libya OPEC Governor Calls for Output Cut Amid Oil Plunge - Bloomberg

Libya OPEC Governor Calls for Output Cut Amid Oil Plunge - Bloomberg:



"Libya’s OPEC governor called for the group to reduce oil output by at least 500,000 barrels a day as its biggest members discount supplies to defend market share rather than cut production to boost prices.



The market is oversupplied by about 1 million barrels a day, Libya’s Samir Kamal said by e-mail yesterday. His comments reflected personal views, not the official Libyan position, he said. They mark the first time a member nation representative is suggesting how much production needs to be reduced after prices entered a bear market.



Brent crude, a benchmark for more than half of the world’s oil, has tumbled about 25 percent since June, as producers including Saudi Arabia cut export prices to stimulate demand amid the highest U.S. output in almost 30 years. Banks including BNP Paribas SA and Bank of America Corp. predict the price rout may be over, in part because they expect the Organization of Petroleum Exporting Countries to reduce supply."



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