Libya ready to cooperate with OPEC to extend output cuts

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Libya ready to cooperate with OPEC to extend output cuts

November 26, 2017 - 18:55
Written by: SafaAlharathy

Foreign Minister of Presidential Council Mohamed Sayala said that Libya is ready to cooperate with OPEC if it decides to extend oil production cuts in order to bring balance to the world market.

Sayala stressed that reducing oil production is needed for the benefit of all. At the same time, he expected for other state members of OPEC to adopt a similar position to Libya, stressing the need to proceed with this policy to reach a fair price.

OPEC, along with Russia and other oil producers, began cutting output by about 1.8 million barrels from January in order to reduce inflated inventories and boost oil prices.