Tripoli August 15 news, Organization of Petroleum Exporting Countries (OPEC) members of senior officials of the Libyan oil sector on August 14 said here today that world oil demand so far no signs of recovery in the current market is still over-supply. Libyan Oil Minister and Chairman of the Libyan National Oil Company Shukri Ghanem said: "Let us look at the market supply and demand figures, the current market is still too much supply."
Ghanem said that the world demand for oil has not yet any signs of recovery. Ghanem said OPEC should cut production targets to increase the percentage of completion. OPEC production is being done and the proportion of the target from 80 percent earlier this year dropped to about 70%. OPEC is to predict in the September 9 meeting to cut oil production is still too early.
Institutions of the International Energy Agency in Paris on August 12 have claimed that the department recently increased this year and next year's world oil demand forecast, the International Energy Agency expects global oil demand this year will fall 2.7%.
Aug. 17, 2009
