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OPEC has 'gentleman's' agreement on Libyan output

As Libya raises oil production to two thirds of the level before its revolution against Gaddafi, the country's oil minister reveals he has OPEC's promise to accommodate the barrels

Reuters, Saturday 24 Dec 2011
Views: 646
Views: 646

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.

The country produced about 1.6 million bpd before the civil war which led to a virtual shutdown in supplies, according to industry estimates.

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