Arab Today, arab today opec output meeting starts with consensus hopes
Last Updated : GMT 15:14:11
Arab Today, arab today
Arab Today, arab today

OPEC output meeting starts with consensus hopes

Arab Today, arab today

Arab Today, arab today OPEC output meeting starts with consensus hopes

Vienna - AFP

A meeting of ministers from oil-producing countries to discuss crude output began Thursday in Vienna with hopes of a consensus but concerns over the price of oil. Going into the meeting of the Organization of Petroleum Exporting Countries, the oil ministers of Angola, Libya, Iran and Ecuador said they were hopeful of reaching an agreement, unlike in June 2011 when the meeting broke up amid divisions over output. \"For sure they will not have any problem,\" Iranian Oil Minister Rostam Qasemi replied, when asked if members of the cartel that supplies a third of the world\'s crude were happy with the production ceiling. Nigerian Petroleum Minister Diezani Allison-Madueke was nevertheless cautious. \"I am sincerely hoping that that (a lack of consensus) does not happen. I do hope that that is not the case today.\" Ecuadorian Natural Resources Minister Wilson Pastor also warned that would send \"a bad signal to the markets.\" OPEC members have been divided over how to respond to plunging prices and uncertainties over global energy demand, with kingpin Saudi Arabia recently ramping up production while hawks Venezuela and Iran have called for cuts so as to boost prices. On Thursday, most members agreed on an average price of at least $100 per barrel, with Angolan Oil Minister Jose Botelho de Vasconcelos describing this as \"the comfortable level.\" \"I think $100 would be good for the global economy, the main point is to stabilise the price at this level,\" added his Libyan counterpart Abdel Rahman bin Yezza, hoping for a swift resolution of the eurozone debt crisis. The price of Brent crude oil has tumbled from $128 a barrel in early March to $96, mainly on expectations of weaker demand caused by the euro\'s troubles and amid a slowing Chinese economy. Qasemi however aimed higher, citing a \"logical price... between $100 and $120.\" Disagreements also exist between OPEC members over the amount of crude needed on the market. \"I think the market is oversupplied now, the supply is over demand,\" Bin Yezza told journalists, putting the excess supply at \"maybe 1.8 million or 2.0 million.\" Iran, which faces a looming oil embargo by the European Union, called for members to \"comply with the ceiling\" of 30 million barrels per day (mbpd) set in December. OPEC\'s 12 nation members are collectively pumping out more than this ceiling, with estimates ranging from between one and three mbpd extra, helping to push down oil prices. In the first quarter, Saudi output jumped 250,000 barrels per day to 9.9 mbpd from a year earlier, according to OPEC estimates, in anticipation of sanctions on the organisation\'s second biggest oil producer Iran. Secretary-General Abdullah El-Badri meanwhile said in Vienna this week that he was \"sure\" members would reach a consensus. OPEC ministers are also expected to discuss a replacement for the Libyan El-Badri, who is set to retire at the end of the year. So far, four candidates for the position have emerged, from Ecuador, Iran, Iraq and Saudi Arabia.

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 output meeting starts with consensus hopes Arab Today, arab today opec output meeting starts with consensus hopes

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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