Arab Today, arab today opec set to keep oil output unchanged
Last Updated : GMT 00:09:04
Arab Today, arab today
Arab Today, arab today

OPEC set to keep oil output unchanged

Arab Today, arab today

Arab Today, arab today OPEC set to keep oil output unchanged

Organization of the Petroleum Exporting Countries
Vienna - AFP

The OPEC oil producers' cartel was set Friday to leave its output unchanged despite abundant supplies and low oil prices, as ministers maintain the pressure on booming US shale.

Ministers were gathering at OPEC's plush Vienna headquarters for a meeting due to start at 1000 GMT, amid ongoing fears over chronic global oversupply that sparked a recent oil price collapse.

The Organization of the Petroleum Exporting Countries, which accounts for a third of the world's oil supplies, will likely pursue its plan to preserve market share and pressure high-cost US shale producers.

OPEC switched strategy last November when it opted to leave its official collective production target at 30 million barrels per day -- where it has stood for about three and a half years -- despite an oil price slump that slashed precious revenues for its 12 member nations.

In Friday morning deals ahead of the meeting, New York's West Texas Intermediate (WTI) crude and London's Brent oil both fell again as traders fretted that a no-change OPEC decision would further fuel the burgeoning global supply glut.

WTI for July delivery was down 34 cents at $61.69 per barrel, while Brent for the same month dipped 46 cents to $57.54.

Officials this week expressed some frustration with low price levels, but gave no hint that they would move to cut output to tighten supply.

Analysts argue that OPEC is seeking to hurt shale and deep-water oil producers that need high prices to make their operations profitable.

In the run-up to Friday's meeting, ministers declared they would be happier with prices between $75 and $80 a barrel to boost revenues and help balance their budgets.

Angola, Ecuador, Iran, Iraq and Venezuela have all appealed for higher prices, but Saudi Arabia has expressed contentment with OPEC's strategy.

The global oil market, plagued with demand worries, oversupply and booming US shale output, collapsed by around 60 percent between June 2014 -- when WTI crude stood at about $106 per barrel -- and late January, when it hit a six-year low under $45.

Losses accelerated in November after OPEC's change in policy, but some analysts say the strategy has paid off as US shale oil producers have been squeezed and crude has recovered somewhat in recent months, helped also by the brighter outlook for the world economy and energy demand.

Despite the collective target, OPEC is actually producing about 31.2 million bpd according to International Energy Agency data, due to extra supplies from Saudi Arabia and also Iraq which has ramped up output in southern and northern areas not hit by Daesh jihadists.

Analysts fear the market could be further saturated with oil from Iran should Western sanctions be lifted after a nuclear deal with world powers.

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 set to keep oil output unchanged Arab Today, arab today opec set to keep oil output unchanged

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 04:54 2017 Saturday ,18 February

Oil prices slip as high stocks overshadow OPEC cuts

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
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