Since the start of disruptions in Libya’s oil supplies, OPEC members have taken unilateral action to boost production. Saudi Arabia has produced just under nine million barrels per day (bpd) so far in March.
“As oil exports from Libya were affected, other OPEC members stepped in including Saudi, Kuwait, Angola and the UAE,” Ali Obaid Al-Yabhouni told a conference in Abu Dhabi.
“There is no damage report of infrastructure of Libya’s oil production, so once the problems are resolved, (exports) will go back to normal.”
Al-Yabhouni said that, with plenty of supply in the market, he saw no sign that OPEC would meet before June.
“As far as I’m aware, there is no need for an extraordinary meeting.”
Oil last month hit a two-and-a-half year high of nearly $120 per barrel, driven by turmoil in Libya, which had been producing around 1.6 million bpd before protests erupted.
Brent crude futures for May delivery rose 13 cents to $115.72 per barrel on Monday after bouncing off its early $114.55 low.
