Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Arabia 'satisfied with current oil prices'  Join our daily free Newsletter

MENAFN - Arab News - 04/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saudi Arabia is satisfied with current crude prices as well as global supply and demand levels, Petroleum and Mineral Resources Minister Ali Al-Naimi said, indicating OPEC will freeze its output ceiling.
"The market is in the best position it can be," Petroleum and Mineral Resources Minister Ali Al-Naimi said in Vienna ahead of a meeting of the Organization of Petroleum Exporting Countries to decide on production.
"Demand is great, economic growth is improving," said Al-Naimi, who represents the world's biggest producer of crude oil.
Brent crude edged up toward 112 a barrel in quiet trade on Tuesday, close to a three-month high hit in the previous session.
Brent prices rose almost 2 percent on Monday.
Brent crude for January delivery was up 30 cents at 111.75 a barrel at 1432 GMT, after touching 112.34 a barrel in the previous session, the highest since Sept. 13.
US crude, also known as West Texas Intermediate or WTI, was up 36 cents at 94.18 a barrel, after settling up 1.10 on Monday.
Brent's premium over WTI slipped slightly to 17.57 a barrel.
OPEC's dozen member nations from the Middle East, Africa and Latin America together produce about one-third of the world's crude and have an output ceiling of 30 million barrels per day - slightly above current production.
"Supply and demand are in equilibrium, inventories are in a good position," Al-Naimi said in the Austrian capital, where OPEC is headquartered.
"We are at the right price right now.... The price is market-decided. We're happy with whatever the market determines," he added.
Saudi Arabia argues that current prices averaging 100 per barrel provide acceptable income for producers without weighing too heavily on consumers.
Asked if OPEC should cut output amid the prospect of increased exports from Iran in the wake of the country's recent nuclear deal, Al-Naimi said: "Why cut? Demand is there."
Energy-monitoring organization the International Energy Agency predicts that demand for OPEC crude will drop to 29.10 million barrels per day next year from 29.89 mbpd currently - amid Libyan unrest and increased competition for the cartel's oil.
Libya's output has plunged to around 250,000 bpd compared with its usual production of 1.5 million amid deadly fighting between radical Islamist fighters and the army.
Additionally, OPEC is facing increased competition from shale energy, and has itself said that take-up of the group's oil will drop periodically until 2017, before rebounding slightly in 2018.
The boom in gas and oil extracted from shale rock found around the world, but especially in North America, has slashed energy costs for many consumers.
OPEC meanwhile maintains that it has a key role to play in meeting the world's thirst for crude oil.
Pumping about 35 percent of the world's crude, the cartel will also decide in Vienna on whether to replace Abdullah El-Badri as secretary general.
Saudi Arabia is battling against Iraq and Iran for the position of succeeding El-Badri, who has steered the cartel through the financial crisis in the role of administrative head since 2007.
OPEC voted last December to re-appoint the Libyan for another year after members failed to agree on a new secretary general.


 


Arab News




  MENA News Headlines
 Dec 20 2014 - Oman looking to boost imports of high-value products from IndonesiaMuscat Daily
(MENAFN - Muscat Daily) Oman is looking to boost imports of high-value products from Indonesia and increase bilateral trade from the around US$462.34mn achieved in 2013. Oman is a non-traditional ...

 Dec 20 2014 - Etihad has no further A380 orders, Boeing 787 delayedMENAFN
(MENAFN) Etihad Airways is not interested in ordering any more Airbus A380s, while the launch of its first Boeing 787-9 Dreamliner into service has been delayed, Gulf News reported.The Dreamliner ...

 Dec 20 2014 - Saudi rail expansion contributes to domestic tourismMENAFN
(MENAFN) Saudi Railways Organization (SRO) President has lauded the efforts of Saudi Commission for Tourism and Antiquities (SCTA) in developing the tourism sector and preserving national heritage, ...

 Dec 20 2014 - Tunisia, Germany sign USD55.21m loan agreementMENAFN
(MENAFN) Tunisia and Germany have signed a loan agreement worth USD55.21 million for the modernization of more than 300 educational institutions in the different regions of the country, QNA ...

 Dec 20 2014 - Qatar- Magnificent Mirza wins stage 2The Peninsula
(MENAFN - The Peninsula) Overnight leader Azzedine Lagab yesterday retained his position at the Tour of Zubarah where defending champion Yusif Mirza of the UAE produced a late burst to win stage ...

 Dec 20 2014 - Aishwarya to make comeback with JazbaaKhaleej Times
(MENAFN - Khaleej Times) Jazbaa is a contemporary thriller set in modern-day Mumbai. Los Angeles - Former Miss World and popular Bollywood actress Aishwarya Rai Bachchan will make her comeback with ...

 Dec 20 2014 - UAE- Srikanth looks to change strategy for next two tiesKhaleej Times
(MENAFN - Khaleej Times) Indian star Kidambi Srikanth set to play Sugiarto and Jorgensen in Dubai event.Kidambi Srikanth faltered in the first set but made a strong comeback against Kento Momoto on ...

 Dec 20 2014 - UAE- Aussie rookie makes an early impactKhaleej Times
(MENAFN - Khaleej Times) Cannon makes statement for Mena Golf Tour with a steady performance at the Dubai Open. Chris Cannon was playing for the first time in an asian tour event Dubai — An ...

 Dec 20 2014 - UAE- Chen and Saina cruiseKhaleej Times
(MENAFN - Khaleej Times) South Koreas Bae shocks Chinese No.Saina Nehwal of India in action against Sung Ji Hyun of South Korea at the BWF Destination Dubai World Superseries Finals on Thursday. ...

 Dec 20 2014 - UAE- Teary-eyed for 132 dreams lostKhaleej Times
(MENAFN - Khaleej Times) Pak ambassador condemns Taleban for using Islams cover to justify massacre Abu Dhabi: The Pakistani community in Abu Dhabi gathered at the embassy on Thursday morning to ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help