Libya sees no reason for further OPEC oil supply boost

LONDON (Reuters) - OPEC member Libya does not see a need for the exporter group to raise oil output further to lower record oil prices and called on consumer countries to cut fuel taxes, the country's top oil official said on Tuesday.

The Organization of the Petroleum Exporting Countries agreed at its last meeting in September to boost supplies by 500,000 bpd from November 1. Oil has continued to rise and on Tuesday was nearing $88 a barrel.

"OPEC cannot do much now," National Oil Corporation chairman Shokri Ghanem told Reuters, asked whether the group should boost supply further. "Consumers should cut down the taxes."