Quotes: US 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
 Oct 24 2014 - Qatar- Aljazeera to mark 300 days since arrests of journalistsThe Peninsula
(MENAFN - The Peninsula)   Aljazeera will be airing a special 300 second montage live on TV and online today to mark the 300 days since the arrest of its journalists Baher Mohamed, Mohamed Fahmy and ...

 Oct 24 2014 - Qatari, Iranian firms sign agreementThe Peninsula
(MENAFN - The Peninsula)  Qatar's Minister of Economy and Trade H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani yesterday visited the Islamic Republic of Iran, accompanied by a delegation that ...

 Oct 24 2014 - Ecuador invites Qatari investors in key sectorsThe Peninsula
(MENAFN - The Peninsula)  The visiting President of the Republic of Ecuador, Rafael Correa Delgado, invited Qatari businessmen to invest in some of the promising sectors of the Ecuadorean economy, ...

 Oct 24 2014 - Qatar- Interior Ministry signs deal worth QR329m at MilipolThe Peninsula
(MENAFN - The Peninsula)  The total number of people who visited the recently concluded Milipol Qatar exhibition reached 6,583 persons from 63 countries, according to a press statement.Brig Nasser ...

 Oct 24 2014 - Saudi- Rem Sibug leads winners in InterCon Monthly MedalArab News
(MENAFN - Arab News) Talented Filipino young golfer Christer Rem Sibug was back in winning mode after a vacation in his native Philippines when he claimed the centerpiece A-Division title last Friday ...

 Oct 24 2014 - Saudi- Lifebuoy bowlers strike double in Mobily CupArab News
(MENAFN - Arab News) Lifebuoy bowling team made an impressive start to the Thursday League 12th Conference for Mobily Cup winning a Team of the Week and Bowler of the Week double at the Bowling City ...

 Oct 24 2014 - Saudi- Alaska Aces trump Purefoods 93-73Arab News
(MENAFN - Arab News) MANILA: Everything was going well for debuting reigning Grand Slam champion Purefoods on Wednesday night until the Star Hotshots known last season as the San Mig Coffee Mixers ...

 Oct 24 2014 - Malaysia charges 3 with supporting ISArab News
(MENAFN - Arab News) KUALA LUMPUR: A Malaysian court on Thursday charged three men with supporting the Islamic State (IS) after they were arrested while attempting to leave the country to join the ...

 Oct 24 2014 - Corruption 'paralyzes' Ukraine: PoroshenkoArab News
(MENAFN - Arab News) ODESSA Ukraine: Corruption is 'paralysing' Ukraine's economy President Petro Poroshenko said Thursday on a pre-election visit to the country's most important sea port.Poroshenko ...

 Oct 24 2014 - New Swedish govt steps up spendingArab News
(MENAFN - Arab News) STOCKHOLM: Sweden's new left-wing government presented Thursday its 2015 budget with the Nordic country's largest deficit in nearly two decades as it seeks to boost employment ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help