Most OPEC members believe it is too early to decide on output changes as stockpiles remain high. Iran’s representative to the Organization of Petroleum Exporting Countries (OPEC) says there is no valid justification for the group to change its oil production targets.

“Considering the current supply and demand situation in the oil market,
it is likely that OPEC maintain the quota at a forthcoming meeting in
December, should conditions be met,” Iran’s OPEC governor Mohammad-Ali
Khatibi told Mehr news agency on Saturday. OPEC is scheduled to discuss
its production quotas at its meeting in Angola December 22.

Khatibi said the oil market outlook for the next six months shows there
would not be a considerable increase in the crude demand.

“Considering this situation, an increase in the OPEC oil quota will
create pressure on oil prices in the global market,” he added.

Most OPEC members believe it is too early to decide on any changes in output, as stockpiles remain high.

The Algerian energy minister Wednesday said that OPEC members are going
to keep the same output level until they have a clearer vision of the
world economic situation.

The producer group has kept official production targets unchanged at
meetings this year, after it agreed to curb output by 4.2 million
barrels per day last year.

According to the US’s EIA forecasts, in 2010 OPEC’s oil production will
increase to 29.4 million barrels per day based on the underlying
assumption of recovery in global demand.

Source: Press TV

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• Iranian minister does not expect OPEC to agree to hike output

    Iran, the second largest oil producer in the Organization of Petroleum Exporting Countries, said Tuesday it does not expect any decision to hike crude output at the cartel’s meeting later this month. “Given the circumstances, there will not be an output increase and OPEC will not permit members to do

• OPEC unlikely to further cuts Impose Before December

    Members of the Organisation of Petroleum Exporting Countries, or Opec, are unlikely to enforce further oil production cuts before their next joint meeting in December, though they perceive that the market remains oversupplied. “The situation is not (yet) stabilised… I think the market has, at this time, a lot of

• Nigeria wants to maintain oil production since OPEC meeting today is

    AS world oil exporters meet today, Nigeria seems very comfortable with the prevailing oil prices, therefore may not likely support any production change at the Organisation of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria. The Minister of Petroleum Resources, Rilwanu Lukman recently said he would like to see oil prices

• Iran says non-OPEC Output Rise reason for the price cut

    Iran’s oil Minister said on Sunday that the increase of crude production by non-OPEC countries has had an adverse impact on oil prices, the official IRNA news agency reported. “Although OPEC has lowered its production ceiling several times, non-OPEC producers have increased their oil output with negative impact on crude

• Ghanem: oil price of $ 100 will not move to increase OPEC production

    Oil prices around $80 a barrel are satisfactory and OPEC is unlikely to raise its oil output targets unless prices reach $100, Libya’s top oil official Shukri Ghanem said. The comments indicate that some in the Organization of the Petroleum Exporting Countries see no need to cap the rise in

• OPEC increased output in November, Bloomberg News survey shows

    The Organization of Petroleum Exporting Countries increased crude-oil production in November to the highest level in 11 months as members took advantage of rising prices, a Bloomberg News survey showed. Output averaged 28.9 million barrels a day last month, up 110,000 barrels from October, according to the survey of oil

• Iraq says oil prices to a satisfactory, OPEC output is likely to remain unchanged

    Iraq’s top oil official says prices are at satisfactory levels and does not expect OPEC to make changes to output during its meeting next month. Oil Minister Hussain al-Shahristani told The Associated Press on Monday the 11-member Organization of the Petroleum Exporting Countries will instead discuss lackluster member compliance with

• OPEC sees danger of overproduction

    The Organization of the Petroleum Exporting Countries (OPEC) warned in a report released on Wednesday that its members might be pumping too much oil given the uncertain global economic outlook. The cartel’s latest monthly market report came one week before the next regular OPEC meeting in Vienna, where oil ministers

• OPEC undecided in terms of performance, the market looks balanced

    OPEC is still deciding whether to adjust crude output next month, and so far sees a “balanced” market, a senior Gulf source told Reuters on Tuesday in the Chinese city of Fuzhou, on condition of anonymity.

• Ecuador says no need for OPEC output change of policy

    World oil prices should stay in a range between $70 and $80 this year and OPEC has no need to change output policy at its March meeting, Ecuador’s minister for oil policy Germanico Pinto said Tuesday. Ecuador has the rotating presidency of OPEC this year. Asked by Reuters if he

• Iran welcomes OPEC output u0026quot Compliance as

    OPEC members achieved a 66 percent compliance last year with agreed crude output targets, a senior Iranian oil official was quoted as saying on Sunday, describing it as a “success”. The producer group decided at a Dec. 22 meeting in Angola to keep its output policy unchanged, but faces a

• Saudi sees no change in OPEC oil ministers meet

    OPEC will not change its production target when its ministers meet later this month as oil prices are at the desired levels, Saudi Arabian Oil Minister Ali al-Naimi said in remarks published on Sunday. With oil around $75 a barrel, several fellow OPEC oil ministers said there was no need

• Petrobras may not be affected much, if Brazil joined OPEC: CEO

    Brazil’s decision on whether to join the Organization of Petroleum Exporting Countries is up to Brazil’s government, said Sergio Gabrielli, chief executive of state-run oil company Petroleo Brasileiro SA Petrobras, Saturday.

• OPEC nations brace for the year 2010 Price Shift

    The Organization of Petroleum Exporting Countries is expected to keep production steady when it meets Tuesday, but members are bracing for a potentially challenging year that could see oil prices weaken at a time when some OPEC nations are in need of price increases. Oil prices have risen nearly 60%

• Qatar sees no dramatic change in OPEC output

    Oil producer cartel OPEC is unlikely to substantially alter output plans when it meets next month as oil inventories are high and there is no shortage in the market, Qatar Oil Minister Abdullah al-Attiyah said on Wednesday. His comments came amid concerns that world oil supplies were getting tighter as