Oil may hit $100 in 2011, no output change: Libya

QUITO (BestGrowthStock) – Oil prices could hit $100 a barrel in early 2011 but OPEC will not take any action on production policy at this week’s meeting, the head of Libya’s OPEC delegation said on Thursday.

“The price may reach $100 by the beginning of the (new) year,” said Shokri Ghanem, chairman of Libya’s National Oil Corporation.

Asked what he expects OPEC to do at the Saturday meeting, he said: “No change.”

Oil may hit $100 in 2011, no output change: Libya