Officials said Iran, the fourth largest oil producer, has been demanding
an immediate and sharp drop in production by OPEC. They said Iran has
recruited such countries as Libya and Venezuela
to support the cut, opposed by Saudi Arabia, the largest producer in the
cartel.
Meanwhile, A U.S. energy major has discovered crude oil in Libya.
Hess Corp. reported the discovery of oil off the coast of Libya's Sirte
Basin. The company said hydrocarbons were found in Area 54, 60 kilometers
within the Gulf of Sirte.
Executives did not detail the extent of the discovery at the well,
drilled to a depth of more than 11,000 feet. The Gulf of Sirte has not yet
yielded significant quantitites of oil or natural gas.
Hess maintains interests in Egypt and other countries in Africa.
Hess maintains interests in Egypt and other countries in Africa.