Libya asks OPEC to reconsider oil production increase

The Libyan Ministry of Energy and Petroleum said it is ready to do without the increase in its production quota which had been approved by the Organization of Petroleum Exporting Countries (OPEC) during its recent meeting in Jakarta, if the other member states are willing to do the same.

The Libyan Ministry mentioned that it follows with great anxiety the instability and the two-month decline of prices on the oil market, which reached their lowest levels in two years.

It added that it is making contacts with the Ministers of Oil in the exporting countries in order to coordinate and consult for the purpose of restoring stability to the oil markets, taking into consideration the economic crisis in southeast Asia and the instability of the demand for oil in most regions of the world.

The Libyan ministry said it is confident that the Ministers of Oil in the Ministerial Council of OPEC will deal with this crisis in a realistic way in order to overcome it.