Arab Today, arab today opec moves towards holding output
Last Updated : GMT 12:59:36
Arab Today, arab today
Arab Today, arab today

OPEC moves towards holding output

Arab Today, arab today

Arab Today, arab today OPEC moves towards holding output

Vienna - AFP

OPEC appears set to maintain its output ceiling after Venezuela suggested Thursday that there was agreement among member nations to keep the status quo, on the eve of the cartel\'s latest production meeting. \"We are all in agreement to maintain the 30 million (barrels per day) production total, even if some countries are overproducing,\" said Venezuelan Energy Minister Rafael Ramirez, adding that the 12-nation grouping would seek to defend the key price level of $100 per barrel. The comments appeared to mark a shift in tone in Venezuela\'s position, after the Latin American nation had indicated earlier in the week that it was open to an output reduction. \"Fundamentally, (Venezuela\'s position) is maintaining a minimum price level of $100 per barrel. This is an implicit agreement of all OPEC countries, benefitting all countries, and there is a consensus on that,\" Ramirez said. Analysts expect that OPEC will leave its oil output ceiling at 30 million barrels per day, where it has stood since the end of 2011, despite actual output running above the official target. Iraq had also earlier indicated that OPEC should maintain its ceiling, arguing it was wary of damaging the fragile global economy by cutting output which would raise crude prices. \"In general, OPEC targets -- in making the market well supplied -- are met these days and we do not want to cause a shock to the market which will affect the global economy,\" Iraqi Oil Minister Abdulkarim al-Luaybi told journalists. He added that the oil market had been in a \"stable\" state in recent weeks, despite Wednesday\'s overnight slide that was rooted in worries about weak worldwide energy demand, particularly from China. \"The current market is in stable condition and this had been reflected in prices which show a good level of stability in the past few months,\" Luaybi said. Angolan Oil Minister Jose Maria Botelho de Vasconcelos also added that the cartel should maintain output. When asked if there is any need for a change he replied: \"I don\'t think so... The market is great, it\'s fine. Production is okay, the (oil) price is okay.\" Most ministers from governments in the Organization of Petroleum Exporting Countries have expressed satisfaction with current benchmark Brent crude price of about $100 a barrel. The cartel\'s members, which comprise nations from the Middle East and Africa and Latin America, enjoy rising revenues from higher crude prices, but they are also aware that high price levels hurt global growth. Iran has meanwhile called for lower production this week in order to maintain and even boost crude oil price levels. However, Ali al-Naimi, the oil minister for OPEC kingpin Saudi Arabia, hinted on Tuesday that the kingdom would prefer the cartel to maintain output, in line with market expectations. Kuwait\'s OPEC governor Siham Abdulrazzak Razzouqi said she saw no calls for the group to change production, while the United Arab Emirates has stated that current oil price levels are \"fair\" and did not hurt growth. OPEC accounts for some 35 percent of global oil, but its importance has been overshadowed in recent times by the prospect of booming shale production in the United States. Questioned by journalists about the prospect of a sharp increase in US shale oil and gas output, and its overall impact on the market, Luaybi added: \"Although it has some impact, it\'s not a significant impact on oil production or exports, and as you all might notice OPEC countries are all producing more oil than the agreed quota ceiling.\"

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 moves towards holding output Arab Today, arab today opec moves towards holding output

 



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 moves towards holding output Arab Today, arab today opec moves towards holding output

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
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 Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
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 Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
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 Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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