Libyan oil chief: no need to change OPEC quotas

AP News
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Posted: Oct 12, 2010 8:52 AM
Libyan oil chief: no need to change OPEC quotas

Libya's de facto oil minister says there's no need to change oil quotas at this week's meeting of the Organization of Petroleum Exporting Countries.

Shukri Ghanem, the head of Libya's National Oil Corp., said at an international oil conference in London on Tuesday that oil stocks are well above historic levels.

Ghanem's comments echo those by OPEC Secretary General Abdalla El-Badri, who last month said the bloc is "comfortable" with current oil prices and does not want to "rock the boat" as the world recovers from its worst recession in decades.

The group, which supplies about 35 percent of the world's crude oil, has left its output quotas unchanged since December 2008. It meets in Vienna on Wednesday.