Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Al-Naimi says global oil supply ample, demand good  Join our daily free Newsletter

MENAFN - Arab News - 19/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Both producers and consumers are happy with current crude oil prices and fundamentals, Minister of Petroleum and Mineral Resources Ali Al-Naimi said yesterday, adding that given the balance speculators should leave the market alone.

"You know my desire is that people leave the market alone," Al-Naimi told Reuters in an interview in Seoul. "You know why? Because everybody now is happy with where the prices are. Nobody is complaining about high prices or low prices."

"They are no longer skyrocketing or falling down. So I will really leave the market alone."

Brent surged to a high of 128 a barrel in March this year due to supply concerns as tensions between Iran and the West over Tehran's disputed nuclear program escalated, threatening to derail a nascent global economic recovery.

Saudi Arabia, the world's top oil exporter, responded by boosting output to the highest level in decades to over 10 million barrels per day (bpd) in summer.

Higher supplies, along with a weak global economic outlook and a slowdown in China have since brought down prices about 15 percent to near 108 per barrel.

The US benchmark has held steady between 85 and 90 a barrel and Brent between 100 and 110, Al-Naimi said, calling the prices stable. The oil minister had identified 100 a barrel as a suitable price earlier in the year.
The OPEC-member cut output by 230,000 bpd to 9.49 million bpd in November, lowering the producer group's total to 30.78 million bpd, closer to its output target.

Asked if he was concerned about next year's demand growth given the global economic uncertainty, Al-Naimi said: "Mechanisms are working well. Supply is plentiful, demand is good."

On the supply front, he noted high US production along with a recovery in output from Iraq and Libya.

The Organization of the Petroleum Exporting Countries agreed to maintain its oil output target of 30 million bpd at a meeting last Wednesday.

OPEC is relaxed about the prospect of rising inventories in the first half of 2013, the group's secretary general separately said, so long as oil prices avoid extreme moves from current acceptable level. OPEC's own forecasts show demand for the group's oil will average 29.25 million bpd during the period.

Meanwhile, the price of oil pushed towards 88 a barrel yesterday amid hopes that US leaders can reach a budget deal and avoid automatic tax and spending cuts that might dampen growth and crimp demand for crude.

By early afternoon in Europe, benchmark oil for January delivery was up 56 cents at 87.76 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 47 cents to close at 87.20 on Monday in New York.

In London, Brent crude, which is used to price international varieties of oil, was up 66 cents to 108.30 on the ICE Futures exchange.

The Nymex contract was also supported by the early 2013 expansion of the Seaway pipeline from 250,000 to 400,000 barrels a day. It transports crude from the key deliver point of Cushing, Oklahoma, to refineries along the Gulf Coast.

The expansion will alleviate "the glut of discounted landlocked crude in the US." analysts at JBC Energy in Vienna said. "Furthermore, it was announced that the pipeline should reach its final designed capacity of 850,000 barrels a day as soon as Q1, 2014 - suggesting that the expansion works are well underway."

Investors will also be monitoring fresh information on US stockpiles of crude and refined products.

Data for the week ending Dec. 14 are expected to show a draw of 2.3 million barrels in crude oil stocks and a build of 2 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 20143 GCC countries among top 30 on network readiness index ,MENAFN
(MENAFN) According to an annual global technology survey for network readiness index for 2014, three GCC countries have made it to the top 30 list for the third year in a row, Gulf Daily News ...

Apr 24 2014Morocco Admitted As Observer Member to SICA ,Qatar News Agency
(MENAFN - Qatar News Agency) La Romana Dominican April 24 - Morocco has been admitted as an observer member in the Central American Integration System (SICA) which also includes each of Belize ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Mannai Corporation net profit soars 73 percent in Q1 ,MENAFN
(MENAFN) Qatar's Mannai Corporation said that its net profit in the first quarter of this year increased significantly, the Peninsula Qatar reported. The group said that net profit in the period ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

more...


 
Live Currency Rates






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
Marketwatch News
UPI News
Comtex News

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