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Libya tells firms to cut output in line with OPEC

  Libya has told oil firms to cut output by 270,000 barrels per day (bpd) from Jan. 1, more than the curb it needs to make under this month’s OPEC deal to pump less, the country’s top oil official Shokri Ghanem said on Monday.

“Today we issued instructions to the oil companies working in Libya to cut production by 270,000 barrels per day from January 1 in compliance with OPEC’s resolution,” Ghanem told Reuters by telephone.

He said technical reasons meant the reduction was deeper than Libya’s target under an agreement by the Organization of the Petroleum Exporting Countries on Dec. 17 to curb output by a record 2.2 million bpd as the producer group tries to shore up oil prices.

OPEC did not publish output ceilings for individual countries, but Libya’s implied cut is around 250,000 bpd, according to sources and analysis of OPEC data. (Reuters)