Libya OPEC governor says group needs to cut oil production

TRIPOLI, Libya (Bloomberg) -- OPEC needs to reduce crude output by at least 500,000 bpd, Libya’s governor to the group said, the first time since prices plunged into a bear market that a representative from a member nation has suggested how much production should be cut. Oil markets are oversupplied by about 1 MMbpd, Samir Kamal, Libya’s OPEC governor, said by email Oct. 22. His comments reflected personal views, not the official Libyan position, he said. Libya shouldn’t be expected to reduce its own oil output because the country is still struggling to restore production that has been disrupted for more than a year by political conflict, he said.

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