Arab Today, arab today opec meets over oil output to pick new head
Last Updated : GMT 20:52:27
Arab Today, arab today
Arab Today, arab today

OPEC meets over oil output, to pick new head

Arab Today, arab today

Arab Today, arab today OPEC meets over oil output, to pick new head

Vienna - AFP

OPEC holds a meeting Wednesday to decide on the cartel\'s oil output levels and to choose a new secretary-general, ahead of a predicted slowing of world energy demand growth that may dent high crude prices. While the Organization of Petroleum Exporting Countries appeared set to hold its oil production ceiling at 30 million barrels per day (mbpd), there was uncertainty over who would become the group\'s new administrative head. The world\'s biggest oil exporter Saudi Arabia was battling against Iraq and political foe Iran to succeed Libya\'s Abdullah El-Badri, who has steered the cartel through the financial crisis as its secretary-general since 2007. OPEC\'s meeting \"will be dominated by the tricky choice of a new secretary-general, while the decision on output should be relatively simple,\" said Julian Jessop, head of commodities research at Capital Economics consultants. \"We agree with the consensus that the notional ceiling will be kept at 30 million barrels per day, at least for now. OPEC probably will cut output next year,\" he added. A vote to pick El-Badri\'s successor was postponed in June after OPEC -- which produces more than one third of the world\'s oil -- failed to reach the required unanimous decision among its dozen member nations. Another delay could see him stay on beyond the maximum of two, three-year terms, analysts said.The oil ministers of Kuwait and Venezuela were not attending Wednesday\'s meeting because of political events in their countries, while it was not known if the absences would affect the outcome of the secretary-general vote. Asked if OPEC would decide on a new secretary-general at the ministerial meeting in Vienna, home to the cartel\'s headquarters, Saudi Oil Minister Ali al-Naimi simply told reporters: \"Maybe.\" UAE Energy Minister Mohammad bin Dhaen al-Hamli added: \"I hope we will solve this issue\" on Wednesday. Hamli meanwhile insisted that there was \"no need to do anything\" over OPEC\'s current oil production levels. Iran\'s Oil Minister Rostam Qasemi added to the expectation of there being no change, stating that crude supply and demand was \"relatively balanced\" and that \"prices are okay.\" OPEC is producing about one million oil barrels above its official daily ceiling, as Saudi Arabia compensates for lost Iranian output caused by a Western embargo on the Islamic Republic, and as other member nations look to maximise profits while oil prices remain high. World crude futures rose Tuesday on expectations of fresh stimulus measures from the Federal Reserve to perk up the struggling US economy, traders said, with benchmark Brent North Sea oil reaching $108 a barrel. However an expected drop in oil demand next year risks dampening crude prices despite a background of Middle Eastern unrest, notably over Iran\'s disputed nuclear programme. OPEC \"is unlikely to agree to cut back production as long as oil prices remain relatively healthy,\" said Tamas Varga, analyst at PVM oil brokers. \"The assumption will be that the Saudis, and perhaps the Kuwaitis, will cut back very quickly if prices start falling.\" OPEC on Tuesday kept its forecast for growth in world oil demand unchanged for this year and next. World oil demand was expected to reach 88.80 mbpd in 2012, up from 88.04 mbpd in 2011, the cartel said in its monthly report.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today opec meets over oil output to pick new head Arab Today, arab today opec meets over oil output to pick new head

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today opec meets over oil output to pick new head Arab Today, arab today opec meets over oil output to pick new head

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday