Libya's Oil Head Touts $70-$80 Price Tag

In an interview with Zawya Dow Jones, the chairman of Libya's National Oil Co. (NOC) said he expects oil prices to maintain a $70-$80 handle in 2010.

"Sustainability in the whole year will be improved at around $70 to above $80 a barrel because even though there is some more oil coming on stream, some oil producers such as Mexico, the U.K. and Norway are plateauing and there will be an increase in demand of 1.5 million-1.7 million barrels a day," Shokri Ghanem, Libya's top oil official, said on Sunday.

Additionally, Ghanem contended that OPEC, including member nation Libya, should seek greater adherence to its production quota in the year ahead.

"I would like compliance to be 100% but I will compromise for 90% or 85%," Ghanem was quoted as saying. "Anything above 85% is acceptable."

Ghanem conceded that Libya was exceeding its quota by more than 5%, but was doing its best to comply.