Total says output in Libya hardly fell due to unrest

Christophe de Margerie, Total Chief31 August 2013, Paris – Unrest and conflict in Libya had limited impact on French oil major Total’s output in the country, the company’s chief executive told reporters on Friday, adding that he expected production to resume shortly in the country.

“Our production in Libya hardly fell. It went from 64,000 barrels per day (bpd) to 55,000 bpd, it’s minor,” Christophe de Margerie told reporters on the sidelines of the Medef business lobby’s annual conference.

“I think things should resume quite fast because the export terminal will be put back in service quite soon.”

De Margerie also said that he saw oil prices’ rise amid worries of a possible military strike by Western powers against Syria as short term and that these should stabilise at between $100 to $110 per barrel in the long-term.

“I think (the surge) is temporary, that it is a reaction of the market which worries because it’s a region from where 40 percent of the world’s output oil originates…but I think that prices will fall back as fast as they rose,” he said.

“Oil prices are stable on the long term, there are well enough supplies to meet demand,” he added.

– Reuters

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