Bloomberg News

OPEC Members Will Cut Supply to Accommodate Libya, el-Badri Says

November 08, 2011

Nov. 8 (Bloomberg) -- The Organization of Petroleum Exporting Countries will cut crude supply to accommodate rising exports from Libya, its Secretary-General Abdalla el-Badri said.

“Some of our member countries are reducing their production to accommodate Libya,” el-Badri said today in an interview in Vienna. “As Libyan production comes on, I’m sure our member countries will cut their production accordingly.”

OPEC has spare crude oil production capacity of 4 million barrels a day and this will increase to 6 million barrels next year, he said.

To contact the reporter on this story: Grant Smith in Vienna at gsmith52@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net


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