The Organization of Petroleum Exporting Countries (OPEC) will hold its official crude oil production quota unchanged until mid-December, OPEC President Chakib Khelil emphasized before the 149th Ordinary Meeting held in Vienna late Tuesday night.
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| Traders in the oil options pit work at the New York Mercantile Exchange, September 9, 2008. Crude oil was trading around $103 a barrel at mid day after OPEC ministers were to hold a meeting and hurricane Ike was heading towards Gulf of Mexico oil platforms. (Xinhua/Reuters Photo) |
The market is "well supplied" and should "maintain at a comfortable level," the Algerian Oil Minister said. he also said that "in all likelihood, we will do nothing before December."
The crude oil price has fallen nearly 30 percent from a record high price of 147 U.S. dollars since Jul. 11, mainly due to a rebound in the U.S. dollar and a drop in demand in some industrialized countries, like the United States and Japan, some experts said.
However, some other oil ministers still advocated that a reduction in output might be necessary if the oil prices continue to drop in the future. According to the statistic from the cartel's secretariat, the daily average crude oil prices slumped to 101.08 U.S. dollars per barrel on Monday, falling down to the five-month-lowest price since the start of April.
Saudi Arabia: OPEC output level contributes to "fairly well-balanced" market
VIENNA, Sept. 9 (Xinhua) -- Saudi Oil Minister Ai al-Nuaimi said here Tuesday that the international crude oil market is "fairly well-balanced" and that the current OPEC crude oil output is appropriate.
Ai al-Nuaimi said that OPEC had made great efforts to fulfill its objectives and stabilize the market. Therefore, the current market is "fairly well-balanced" and the "inventories are in a healthy position," he explained. Full story
UAE energy minister: OPEC to ensure well-supplied market
ABU DHABI, Sept. 8 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) will not change its fundamental policy of ensuring a well-supplied market at its upcoming ministerial meeting in Vienna, the energy minister of the United Arab Emirates(UAE) said on Monday.
The UAE Minister of Energy Mohammed bin Dhaen al-Hamli, who will lead the UAE delegation to the OPEC ministerial meeting on Tuesday, made the statement in an interview with the official Emirates News Agency. Full story
