Despite oil’s recent surge above $80, OPEC is unlikely to increase its oil output according to Shokri Ghanem, the chairman of Libya’s National Oil Corporation.
“I don’t think the conference will take any decision regarding the level of production,” he said.
“First of all, because the market is very well supplied if not oversupplied and the price movement, going above $80, does not represent the fundamentals. But in the meanwhile, what we should ask for is compliance.”
Face it, $80 oil is the new normal.