Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait Saudi expect OPEC to maintain current oil output  Join our daily free Newsletter

MENAFN - Arab Times - 11/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Yadh june 10 (afp): saudi arabia and kuwait said tuesday they expect opec to keep oil production levels stable so as not to alter prices at a meeting of the cartel this week. saudi oil minister ali al-nuaimi said the market was 'stable and balanced' and that he therefore believed there would not be any decision to change output. 'the price is at a comfortable level for producer and consumer countries as well as for the oil industry' he said ahead of wednesday's meeting of the organisation of petroleum exporting countries in vienna. his kuwaiti counterpart also said he thought opec would keep the oil production ceiling unchanged. 'i think that all parameters lead to keeping the production as it is and this of course will be reflected in prices' remaining unchanged ali al-omair told reporters in kuwait city before leaving for the austrian capital. the 12-member opec cartel which supplies about one third of the world's crude is pumping around 30 million barrels of oil daily.

opec is also satisfied with current price levels at about 100 a barrel. oil prices extended their gains on tuesday ahead of the opec meeting while energy market investors kept a close watch over vital ukraine-russia gas talks. an oil price comfortably over 100 a barrel leaves smiling opec ministers with an easy task to leave things as they are on output policy at their meeting. brent crude has stayed above that price the preferred level of top opec producer saudi arabia all year and was trading near 110 on tuesday supported by the almost total loss of supplies from opec member libya.

policy

the organization of the petroleum exporting countries which pumps more than a third of the world's oil is meeting in vienna to agree policy for the second half of the year. ministers have said they will leave the output target of 30 million barrels per day (bpd) unchanged and that the market is well-supplied. 'the price is good. brent is 110 it is not bad' said angolan oil minister jose de vasconcelos.saudi arabia's oil minister ali al-naimi had yet to arrive in vienna but gave his unambiguous view on the meeting last month.

'there is no reason for a change. absolutely no reason' he told reporters in seoul. 'supply is highly sufficient demand is great and the market is fairly stable.' riyadh kept production little changed in may pumping 9.705 million barrels per day according to industry sources supporting naimi's view that the market did not need more. opec has steered a course around the loss of over a million barrels per day of oil from libya as the crisis there deepened to its worst since the civil war three years ago. oil minister omar shakmak said on his arrival in vienna that output had fallen below 200000 bpd a fraction of libya's 1.6 million bpd before the conflict. he at least welcomed the oil price. 'this is positive for the market it's for the benefit of producers and customers alike' shakmak said.


 


Arab Times




  MENA News Headlines
 Jul 29 2015 - Two Palestinians killed in refugee camp S. LebanonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Two people were killed and four others wounded in a gunfire exchange in Ain Al-Helwah Palestinian refugee camp south of Lebanon Tuesday.According to Lebanese news ...

 Jul 29 2015 - Kuwait oil price below USD 50 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait oil price shed 97 cents falling to USD 49.90 per barrel on Tuesday from USD 50.87 pb the day before, Kuwait Petroleum Corporation (KPC) said on ...

 Jul 29 2015 - KSE posts gains early in Wednesday's sessionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait Stock Exchange's three main indices posted some gains in early trades on Wednesday with price index reading 6,237, rising by 2.32 points, likewise weighted ...

 Jul 29 2015 - Kuwait's rejection of terrorism based on principles - officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The State of Kuwait's stance against terrorism is based on principles rather than interests, a senior Kuwaiti official said on Wednesday.Forgiving, advocating ...

 Jul 29 2015 - Telecom companies "strategic" partners in Kuwaiti social developmentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Beyond being providers of technological services, telecommunication companies in Kuwait are eager to expand their initial role to help in the social development ...

 Jul 29 2015 - GM will invest $5bn to launch new Chevrolet for emerging marketsGulf Times
(MENAFN - Gulf Times) General Motors said yesterday it would invest $5bn to introduce a new family of smaller cars under the Chevrolet line targeting emerging markets and co-developed by Chinese ...

 Jul 29 2015 - Kuwait awards contracts worth USD11.5b for new refineryMENAFN
(MENAFN) Kuwait National Petroleum Co. announced awarding four contracts worth USD11.5 billion to international groups to build a 615,000 barrels per day refinery, Arab News reported.The main ...

 Jul 29 2015 - Hikma pharm acquires US Boehringer unit for USD2.65bMENAFN
(MENAFN) Jordan's Hikma Pharmaceuticals said it is buying US generic drugs business of Boehringer Ingelheim for USD2.65 billion in a cash-and-stock deal, Arab News reported.Hikma Pharmaceuticals, ...

 Jul 29 2015 - Singapore, Indonesia join hands against ISGulf Times
(MENAFN - Gulf Times) Singapore and Indonesia yesterday agreed to step up co-operation against the Islamic State (IS) amid fears that militants returning from the Middle East could mount attacks in ...

 Jul 29 2015 - Pakistan police kill leader of anti-Shia militant groupGulf Times
(MENAFN - Gulf Times) The leader of an anti-Shia militant group behind some of Pakistan's worst sectarian attacks was killed in a shootout with police Wednesday, authorities said. Malik Ishaq was ...

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