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Opec may need to cut oil supply further to prop up oil prices, the top official for Opec member Libya said on Tuesday, a day after crude prices fell to an eight-month low. Oil has fallen as the growing financial crisis slows oil demand in top consumer the United States and other industrialised nations, despite an agreement by Opec in September to trim its oil output.
"If this volatility continues, Opec will have to do something," Shokri Ghanem, chairman of Libya's National Oil Corporation, told Reuters by telephone. "Yes. We cannot allow the prices to deteriorate. we have to do something," he added, when asked whether that meant Opec might need to cut production for a second time. Ghanem said members of the producer group were watching the market closely and Opec could decide to meet to review output before its next scheduled conference on December 17. "We may sit down together before December. We are watching the market. It is a dangerous situation."

Copyright Reuters, 2008

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