- LONDON: OPEC will produce more crude should Libyan oil supply be disrupted to allow prices to return to the $90-$100 per barrel range, the head of top world oil trading house Vitol said.
“We all think they (OPEC) will move quickly if there is a significant disruption in Libya,” Vitol’s Ian Taylor said at an event during the International Petroleum Week.
“If OPEC puts more barrels into the market, as we expect to happen at some time in the first half of the year, prices should stabilize below current levels and move back to a price range around 90 to 100 (dollars),” he said.
Saudi Arabia’s oil minister said on Tuesday the producing group was not planning to hold an extraordinary meeting as oil prices rallied to $108.50 a barrel, with unrest spreading to Libya and shutting down some ports and production facilities of the OPEC member.
OPEC ministers were set to meet representatives of top consuming nations in Riyadh on Tuesday and could have informal talks on the sidelines of the conference.