Opec: Oil prices ‘reasonable’

Current oil prices are “reasonable” and the rapid rebound in Libyan crude output should see other Opec members trim production, Opec ‘s head said yesterday, adding he expected the next meeting of the oil exporter group to be more amiable than the last one in June.

Opec Secretary-General Abdullah Al Badri said the eurozone crisis was a major concern for oil producers and that Opec members would have to make way for a rapid recovery in Libyan oil output.

“Libya is coming and coming (back) very strong and I think by year-end, six months time from the restart of production, they will reach 1 million barrels per day,” he told reporters on the sidelines of a conference in Riyadh.

ICE Brent crude prices settled at $107.56 a barrel in London on Friday.