Libyan Oil Minister Wants Oil Price Over $100

Libya's oil minister Abdurahman Benyezza would like to see oil prices above $100 a barrel, he said Thursday at a scheduled meeting of the Organization of the Petroleum Exporting Countries in Vienna.

"I think that price would be good for global economy" [although] the "main point is to stabilize the price," he said.

When asked whether it's appropriate to lift the production ceiling, Mr. Benyezza said "we will have to discuss that after this", stressing that it's more appropriate to discuss quotas at end of year, depending on the "supply and the prices."

He also said the global oil market is currently over supplied by "maybe 1.8 million or 2 million" barrels a day.

(Source: Fox Business)

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