Business | Oil & Gas
Opec output unlikely to change
Qatar's oil minister sees steady production until prices stabilise
- Reuters
- Published: 00:00 March 14, 2010
Khobar: The Organ-isation of Petroleum Exporting Countries (Opec) is not expected to make any fundamental change in output at its next meeting, Qatar's oil minister was quoted yesterday as saying by Al Hayat newspaper.
Separately, Saudi newspaper Al Riyadh quoted an unnamed senior Opec official as saying the group is expected to maintain its production ceiling unchanged at the meeting.
Opec meets in Vienna on March 17 to review its oil supply policy.
It has left its output targets unchanged since December 2008 when it agreed to cut 4.2 million barrels per day but compliance has waned to 53 per cent.
Opec officials have said they do not expect a change in targets while prices have traded broadly within their desired range of $70 to $80 per barrel since the last meeting in December.
"I do not see any fundamental change in output during this meeting. I think the decision would be to extend Opec's current decision, and a decision on close monitoring of the oil market would be taken," Qatar's Abdullah Al Attiyah was quoted as saying by Saudi-owned Al Hayat.
"It is true that global inventories are high but oil prices are fluctuating in such a way that ... does not allow taking a new decision at this stage," he said.
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