| The IEA does not want OPEC to cut output at a meeting in December as demand for the producer group's oil will be half a million barrels per day (bpd) more in 2012 than it pumped last month, a top IEA official said on Monday.
Gulf Arab oil producers raised oil supply this year to compensate for the loss of output from Libya, where civil war shut down production. Libya's output is recovering, but the International Energy Agency saw no need for producers to cut back, the agency's Deputy Executive Director Richard Jones said...............................................Full Article: Source
|