Libya's Return Won't Trigger OPEC Output Cuts, Gulf Members Say

OPEC's Gulf members may not reduce oil production despite Libya's expected return to the market after Muammar Qaddafi abandoned his stronghold and rebels declared the end of his rule.

The loss of Libyan supplies has been offset by increased output from OPEC's Gulf countries, which have lifted overall production to over 30 million barrels per day in July, according to OPEC estimates.

A government official, who is not authorized to speak on the record, said that there is no need for immediate production cuts and that OPEC may wait until its next meeting in December to make a decision.

The official also noted that prices are still high at around $110 per barrel for Brent crude, which makes supply curbs unnecessary. 'Prices are still in the range of $100 so the price is still strong,' the official said.