Libya OPEC Governor Calls for Output Cut Amid Oil Plunge

Libya’s OPEC governor called for the group to reduce oil output by at least 500,000 barrels a day as its biggest members discount supplies to defend market share rather than cut production to boost prices.

The market is oversupplied by about 1 million barrels a day, Libya’s Samir Kamal said by e-mail yesterday. His comments reflected personal views, not the official Libyan position, he said. They mark the first time a member nation representative is suggesting how much production needs to be reduced after prices entered a bear market.