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OPEC chief says Libya to make "strong comeback" to oil market

DOHA, Dec 5 (KUNA) -- OPEC's Secretary General Abdullah Al-Badri said Monday Libya's "strong comeback" would have a large impact on the oil market, contrary to previous predictions.
Speaking to reporters on sidelines of the 20th World Petroleum Congress (WPC-2011), Al-Badri said Libyan oil production would return to its pre-February 17 2011 levels during the second half of next year.
Al-Badri reacted to statements made two months ago that Libyan oil output would reach around a million bpd within six months, saying "I think we have reached or are close to that." On OPEC's next meeting, due mid-December, Al-Badri said the ministerial meeting would touch upon production policy and conditions of oil markets.
Iranian Oil Minister Rustum Qassim, meanwhile, said he was not worried about the European threat to impose sanctions against Iran's oil exports.
He said USD 100 per barrel was "reasonable" amidst a balanced supply-and-demand.
India's Minister of Petroleum and Natural Gas Jaipal Reddy said New Delhi did not any problems importing oil from Iran.
Iran is India's second largest oil provider after Saudi Arabia, covering 12 percent of its needs. Iran's oil exports to India value USD 12 billion every year. (pickup previous) ma.bs KUNA 052234 Dec 11NNNN