OPEC Secretary General Expects Strong Libya Contribution

Doha , December 05 (QNA) - Secretary General of OPEC Abdallah Salem el-Badri said Monday that Libya's strong return will make a big difference in the oil market, discrediting reports that Libya's oil industry suffers from problems. Speaking to Qatar News Agency (QNA) on the margins of the 20th World Petroleum Congress, now in session here, el-Badri said that the Libyan production of oil will return to pre-February 17, 2011 levels. On Libya's current production levels, he said that Libya is close to achieving its target made 6 months ago of increasing production by 1 million barrels a day. The news comes after Libya resumed its oil production, after a revolution that overthrew Muammar Al Gaddafi, in a faster than expected rate. Answering a question on what impact will using shale gas have on oil prices, he responded that it will not have any impact in the foreseable future. Commenting on the opening speech of HH the Emir Sheikh Hamad bin Khalifa Al Thani of the WPC earlier today, the OPEC Secretary General said that a dialogue between energy producers and consumers is a must in order to reach an understanding on investment projects and other related issues. On what the next OPEC meeting, in December 14th, will include, He noted that the ministerial meeting will discuss production policies, the market status based on a report made by the OPEC secretariat. He stressed that the oil market is currently balanced with good supplies at a fair price. (QNA)