OPEC to discuss resumption of Libya oil

The OPEC ministers who are due to hold their meeting on December 14, is likely to discuss the resumption of Libya''s oil production, the global cartel sources have said. There is fear of decline in global demand for oil in the light of the current global economic slowdown and the possible return of Libya''s oil production, the sources said in the aftermath of murder of Libyan leader Muammar Gaddafi earlier Thursday . The latest OPEC report confirmed that there are two main factors which may affect the price of oil in the future namely the performance of the world''s largest economies - particularly the United States and China - and the developments of the situation in Libya, the pointed out. Libya used to produce 1.6 million barrels of oil per day before the eruption of the conflict.