Saudi and co.: Oil output cut not necessary


OPEC doesn't need to reduce output in 2014 in order to offset potentially increased production from Iran, Libya and U.S. shale oil, Saudi Arabia, Kuwait and Iraq said yesterday.

The comments came after OPEC decided earlier this month to keep output at a maximum of 30M bpd until June at least.

Libyan supplies have fallen to 250,000 bpd from 1.4M bpd in March, due to rebels closing oil export ports for the past five months. The country is prepared to use force to reopen those ports, Oil Minister Abdulbari Al-Arusi said.

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