OPEC Does Not Need to Change Oil Quotas at Next Meeting: Libyan
"As long as the oil price remains inside the $22-28 (per barrel) range, there is no need to change anything in December," he told an oil conference in London.
The $22-28 price is the agreed band that the Organization of Petroleum Exporting Countries (OPREC) aims to maintain for a basket of crude oils through changes to its members' production levels.
Ghanem additionally said that his country wished to have a bigger individual quota, while adding that it would not flout OPEC rules.
"Libya is aiming to raise its oil capacity," he said.
"We would like to revisit our quota, which is below our production capacity," he said.
On November 1, the 11-member OPEC cut 900,000 barrels per day from its previous quota of 25.4 million barrels.
However the organization's secretary general Alvaro Silva-Calderon said last week that the group expected oil prices to remain stable for the rest of the year.