OPEC to hold emergency session in case of oil price soaring

LONDON, February 22 (Itar-Tass) -

OPEC will convene an emergency session, if the oil prices reach the unacceptable level, a representative of Kuwait said at the International Energy Forum, which opened on Tuesday in El-Riyadh, capital of Saudi Arabia.

It opened on the day, when the OPEC basic oil price exceeded 100 dollars, and the OPEC leaders continued to be worried over the situation in Libya. Libya, an OPEC member, is the 12th biggest oil exporter in the world. It exports daily 1.7 million barrels of oil.

Oil exports from Libya have been on the decline since last Sunday, but Western specialists say so far that the reduction has been insignificant.

Nevertheless, Saudi Arabia reported on Tuesday that, if need be, it would make up for the reduction of Libya’s oil exports on the world market.

The Italian government reported on Tuesday that gas deliveries from Libya to the European Union were going on in a normal regime, in the amount fixed by the contracts. Italy believes, however, that the situation continues to be complicated, and it may start gas deliveries from its own strategic reserves, if necessary.

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