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OPEC doesn't need to cut oil

OPEC doesn't need to cut oil
OPEC most likely does not need to cut oil production further, the top official of Libya's National Oil Corporation said.

OPEC most likely does not need to cut oil production further, the top official of Libya's National Oil Corporation said.

OPEC most likely does not need to cut oil production further, the top official of Libya's National Oil Corporation said. "As of today it looks as if we probably do not need a further cut in production," said Shokri Ghanem, chairman of Libya's National Oil Corporation (NOC) told.

Ghanem had told financial television on Wednesday that OPEC may not need to make further output cuts at its May 28 meeting if market conditions continue to be favorable.

U.S. crude prices have risen to nearly $50 a barrel after OPEC's Sunday decision not to deepen existing output curbs.

www.TurkishMaritime.com.tr

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