OPEC minister wants cap on oil

Buffalo News.Net
Sunday 7th September, 2008

Libya's OPEC representative, Shukri Ghanem, has said he would like to see members of the oil cartel respecting their quotas.

On the weekend, the Libyan National Oil Corporation chairman said he thought the oil market was oversupplied.

OPEC has an official output target of 27.25 million barrels per day, with each country assigned a quota.

Saudi Arabia is the main quota-buster at the moment, with analysts estimating it is producing more than 500,000 barrels per day above its target.

Oil prices have fallen from 147 dollars per barrel in July to just above 100 dollars a barrel last week.

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