Libyan Oil Minister Wants Oil Price above $100

Libya's oil minister Abdurahman Benyezza would like to see oil prices above $100 a barrel, he said Thursday at a scheduled meeting of the Organization of the Petroleum Exporting Countries in Vienna.

"I think that price would be good for global economy" [although] the "main point is to stabilize the price," he said.

When asked whether it's appropriate to lift the production ceiling, Mr. Benyezza said "we will have to discuss that after this", stressing that it's more appropriate to discuss quotas at end of year, depending on the "supply and the prices."

He also said the global oil market is currently over supplied by "maybe 1.8 million or 2 million" barrels a day.

Eni cooperates in U.S. probe into Libya contracts

Italian oil and gas group Eni is cooperating with U.S. authorities in a probe of oil contracts in Libya, its chairman said on Tuesday.

"We are an open book. We are cooperating with authorities and we'll see how the situation develops," Giuseppe Recchi said on the sidelines of a conference when asked about an investigation by the U.S. Securities and Exchange Commission.

The SEC has requested from Eni documents related to an ongoing probe into "certain illicit payments to Libyan officials" possibly violating the U.S. Foreign Corruption Practice Act, Eni said in its 2011 annual report filing to the SEC.

Separately, Libya has started investigating foreign oil companies over their past relationships with the former Muammar Gaddafi government.

Source: Reuters