Speaking to the AFP, Chairman of the Libyan National Oil Corporation (NOC) Mr. Shukri Ghanem said Thursday that he expected the price of crude oil to rebound from recent falls.
"There is a big fall because prices are currently high," he said by telephone. "When prices are $130 or $140 a barrel, they fall back more sharply."
He said: "We are following developments (on prices) closely...but we think they will rebound."
In a reference to a rally of $4.50 a barrel on the London and New York markets Wednesday, he said : "What is more, I think we are already seeing this rebound."
Ghanem said the fall of the oil price in recent weeks was a new demonstration of speculation on the oil market which had become erratic.
He also said that OPEC would keep crude production levels unchanged for the time being, stressing that supplies were secure despite outages in Nigeria and that markets were well supplied.
"There is enough time between here and September to allow us monitor the market and the price," he said.
OPEC's next meeting is due to take place September 9 in Vienna.
Ghanem also sconfirmed that pipeline maintenance work and ongoing repairs at Total's al-Jurf field would continue for some weeks.
About Libya
