Opec and its ministers presented a cloudy picture of the oil market on Monday, citing surprising milestones for Libyan crude recovery, the threat of a European Union oil embargo on Iran and the continued weakness of the global economy ahead of the gathering of the 12 member states Dec. 14. Libyan oil production will hit 950,000 barrels per day by the end of December, Opec Secretary-General Abdalla el-Badri told International Oil Daily on Monday, way out in front of most projections for the war-torn North African state — even those made last month (IOD Nov.15’11).
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