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
 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

 May 27 2016 - Qatar- Al Shaqab students graduate at a glittering ceremonyThe Peninsula
(MENAFN - The Peninsula) Students who received equestrian training at Al Shaqab, pose for a photograph with special guests during their graduation ceremony after receiving their certificates ...

 May 27 2016 - Qatar- Four international players to continue with Al RayyanThe Peninsula
(MENAFN - The Peninsula) Ali Salem Afifa, Head of Football at Al Rayyan Doha: Following a successful local football season, Al Rayyan have secured the services of their four foreign players ...

 May 27 2016 - UAE plays vital role in development projects in JordanMENAFN
(MENAFN) Abu Dhabi Fund for Development (ADFD) and Jordan worked together towards achieving their sustainable development goals, supporting projects in fundamental sectors.Moreover, ADFD has funded ...

 May 27 2016 - Cairo USD 3.6bn residential project attracts foreign investmentMENAFN
(MENAFN) The Ministry of housing introduced Egypt's biggest upcoming project, USD 3.6bn Mountain View iCity, which will be launched in New Cairo.Furthermore, the project's main layout will encompass ...

 May 27 2016 - Qatar, Luxembourg trade relations growMENAFN
(MENAFN) Qatar and Luxembourg have viewed growth due to the exchange of official visits between the two sides and the signing of mutual deal on many areas.Moreover, Qatar sees innovation as a main ...

 May 26 2016 - Saudi- Living cost index in the Kingdom rises 0.2% in AprilSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- The index of the cost of living in the Kingdom rose by 0.2% during the month of April 2016 compared to the previous month ...

 May 26 2016 - Governor of Riyadh Region receives Cyprus' AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, received here today the Ambassador of Cyprus to the ...

 May 26 2016 - Israeli warplanes launch raids on Gaza StripSaudi Press Agency
(MENAFN - Saudi Press Agency) Ramallah, 19 Sha'ban, 1437, May 26, 2016, SPA -- Israeli warplanes launched today a series of air raids on sites and targets in the Gaza Strip. Local security sources ...

 May 26 2016 - Saudi- Three dead, many injured in Mumbai chemical factory blastSaudi Press Agency
(MENAFN - Saudi Press Agency) New Delhi, Sha'ban 19, 1437, May 26, 2016, SPA -- At least three people have died and several have been injured in a huge blast at a chemical factory on the outskirts ...

more...


 





Google

 
 

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