2009-12-20
Libyan petrol chief Shokri Ghanem on Saturday (December 19th) urged fellow members of the Organization of Petroleum Exporting Countries (OPEC) to adhere to reduced output targets set by the organization, Reuters reported. "[T]he market is oversupplied and therefore we will call for more compliance," the National Oil Corporation chairman said in a telephone interview from Tripoli. While OPEC agreed last year to cut supply by 4.2 million barrels per day, official figures indicate that compliance with this decision has fallen to 60%.
Libyan petrol chief Shokri Ghanem on Saturday (December 19th) urged fellow members of the Organization of Petroleum Exporting Countries (OPEC) to adhere to reduced output targets set by the organization, Reuters reported. "[T]he market is oversupplied and therefore we will call for more compliance," the National Oil Corporation chairman said in a telephone interview from Tripoli. While OPEC agreed last year to cut supply by 4.2 million barrels per day, official figures indicate that compliance with this decision has fallen to 60%.
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