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 rices 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
 Feb 13 2016 - Saudi Arabia to work on reducing emissionsMENAFN
(MENAFN) Saudi Arabia realizes the importance of renewable energy in the economic and social growth, and all people have the right to have reliable energy sources.Additionally, the fossil fuel will ...

 Feb 13 2016 - Germany to offer USD 566mn in credits to IraqMENAFN
(MENAFN) Germany will offer USD 566mn worth of credit to Iraq in order to help it with the sharp downturn in global oil prices and its will do it best.Furthermore, Germany will stabilize Iraq with ...

 Feb 13 2016 - Qatar's consumption will grow to 39.6 percentMENAFN
(MENAFN) Qatar's investments of its GDP increased to 39.6 percent in Q2 last year from 32.4 percent in 2014 on stable government capital spending.Moreover, the nation's consumption grew to 20.8 ...

 Feb 13 2016 - Suspected jihadist will not recover Swiss passportThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Swiss Federal Criminal Court has upheld the decision of the Swiss Attorney General’s Office to confiscate the Swiss passport and identifying ...

 Feb 13 2016 - Turkey praises planned Syria cessation of hostilitiesThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has praised an agreement between major powers to cease hostilities in Syria to provide humanitarian aid as “an important step” toward ...

 Feb 13 2016 - Split over PYD continues between US TurkeyThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The split betweenAnkaraand Washington over the designation of the Syrian Kurdish Democratic Union Party (PYD) continues to rumble on though U.S. Secretary of ...

 Feb 13 2016 - Turkey to provide 1.5 million in health aid to GazaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has said it has transferred $1.5 million to the WHO’s Palestine Representation in order to assist health institutions in Gaza. The announcement ...

 Feb 12 2016 - Turkey Iran to boost dialogue says diplomatThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey and Iran have agreed to continue “enhancing dialogue” a Foreign Ministry official told Anadolu Agency on Friday. Umit Yalcin's remarks ...

 Feb 12 2016 - Turkish FM: Russian airstrikes rule out Syria cease fireThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Foreign Minister Mevlut Cavusoglu on Friday said peace could not be maintained in Syria unless Russia halts its airstrikes. Speaking to the media ahead of ...

 Feb 12 2016 - CIA: Islamic State has chemical weaponsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The director of the Central Intelligence Agency said Islamic State fighters in Syria have used chemical weapons. John Brennan said there are a number of ...

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