Libyan oil chief: Libya must remain excluded from any OPEC production cut

Arab world-

Libya should remain excluded from any cuts in the Organization of Petroleum Exporting Countries (OPEC), Libya's National Oil Corporation (NOC) said Monday in a tweet on its website.

"Libya must remain excluded from any measures to reduce production and have the right to compensate for its loss of market share due to conflicts," he said, adding that the country had lost only 25 million barrels of oil this year.

According to the Agence France-Presse (AFP) said an OPEC minister that the meeting reached an agreement to extend the current production levels for another nine months.

Reuters quoted the Iraqi oil minister as announcing the approval of OPEC's charter and independent producers.

For his part, the Saudi Energy Minister said that the world economy in the second half of the year looks better than it appeared a week ago.

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday that Secretary-General Mohamed Sanusi Barkindo would remain in office for a second term, OPEC's president said.

"I am very happy that HE Mohamed Sanusi Barkindo has another three years as OPEC Secretary-General," Manuel Kevedo told a news conference after OPEC talks.

A source at an OPEC delegation said on Monday that the OPEC countries had decided to hold the next ministerial meeting of the Organization on 5 December.