Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah said the emirate does not want any change to OPEC production quotas and believes there is a consensus to keep output unchanged.

Asked about Kuwait’s position at OPEC’s ministerial meeting later this month, Sheikh Ahmad said: “No change” in production.

The minister also told reporters outside parliament that he believes
there is consensus among members of the Organisation of Petroleum
Exporting Countries to maintain production quotas.

Kuwait, with a daily production of around 2.2 million barrels per day, is OPEC’s fourth largest producer.

OPEC is due to hold its next meeting on December 22 in Luanda, Angola.

Several OPEC members have already said they want to keep production unchanged because the current crude prices are satisfactory.

OPEC president Jose Maria Botelho de Vasconcelos of Angola said in
November that a price of between 75 and 80 dollars a barrel would be
satisfactory.

Oil was higher in Asian trade on Thursday, bouncing back from overnight falls as investors digested key US inventory data.

New York’s main contract, light sweet crude for January delivery rose 20 cents to 76.80 dollars a barrel.

Brent North Sea crude for January delivery added 42 cents to 78.30 dollars.

Source: AFP

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• Kuwait says OPEC to keep quiet about the production

    Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday OPEC will leave its production unchanged at its meeting next month, adding that current oil price was “comfortable.” “Nothing. (Quota will remain) as is,” the minister told reporters when asked if the Organisation of Petroleum Exporting Countries (OPEC) could alter

• OPEC weekly oil price reached the highest point this year

    The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) reached 72.21U.S. dollars per barrel last week, the highest point of this year, OPEC said Monday. After hovering for six weeks, OPEC weekly average oil price exceeded 70 dollars to 72.21 dollars. In addition, it also registered the largest weekly

• Saudi output hike to meet, says oil price within the limits

    Saudi Oil Minister Ali al-Naimi said on Friday that OPEC should not raise its production quota at a meeting later this month as the current oil price is “close to the target.” “Why should we raise output?” Naimi told reporters in Cairo. “We still have time (for the meeting).

• OPEC head: $ 75 to $ 80 per barrel u0026quot a

    Seventy-five to 80 dollars a barrel is a satisfactory price for oil, the president of OPEC said Monday, adding that the cartel may leave production unchanged at its meeting next month.

• OPEC weekly oil prices fall again

    The last weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 66.80 U.S. dollars per barrel, showing a reduction of 1.3 U.S. dollars compared to the previous week, said the Vienna-based cartel Monday. OPEC weekly average oil prices reached the peak value of 72.04 U.S. dollars a

• OPEC weekly oil prices keep rising

    The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) kept its upward trend last week, increasing to 76.29 U.S.

• Iran says OPEC unhappy with oil price

    Iran, OPEC’s second largest exporter, predicted on Sunday the cartel will maintain current oil output at its meeting next week, despite producers being unhappy with the prevailing price of crude. “There is a feeling among OPEC oil ministers that the group wants to maintain current ouput levels,” Mohammad Ali Khatibi, Iran’s representative

• 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

• OPEC oil price falls to $ 3.10

    The price of oil from the Organization of the Petroleum Exporting Countries (OPEC) dropped by 3.10 dollars at the start of the week, the cartel announced Tuesday, amid concerns about global economic recovery.  The group’s basket price fell to 68.04 dollars per barrel (159 litres) Monday, sliding below the 70-dollar mark

• OPEC oil price falls to $ 3.10

    The price of oil from the Organization of the Petroleum Exporting Countries (OPEC) dropped by 3.10 dollars at the start of the week, the cartel announced Tuesday, amid concerns about global economic recovery.  The group’s basket price fell to 68.04 dollars per barrel (159 litres) Monday, sliding below the 70-dollar mark

• OPEC oil price collapse 80-dollar barrier

    The oil price of the Organisation of the Petroleum Exporting Countries (OPEC) climbed above 80 dollars towards the end of week, the Vienna-based cartel announced Friday. OPEC’s basket price was above 80 dollars for the first time since October 2008. It stood at 80.12 dollars per barrel (159 litres) on

• 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

• Upbeat OPEC set to output to keep quiet

    Steady crude prices and an upbeat view of the oil market reassured ministers of the OPEC producers’ cartel as they prepared to meet on Wednesday, set to hold output steady despite a mixed economic outlook. An OPEC production-monitoring committee said it would formally recommend no change to output at Wednesday’s meeting,

• The Iranian oil minister says the increase in…

    The Iranian oil minister says the increase in crude production by non-OPEC countries has had an adverse impact on oil prices. “Although OPEC has lowered its production ceiling several times, non-OPEC producers have increased their oil output, which has had a negative impact on crude prices,” Masoud Mirkazemi was quoted

• Tough times force to close the ranks of OPEC members

    Divisions within OPEC have eased as the dual threat of the global economic crisis and climate change talks force oil producers to be pragmatic and unified, analysts said on Sunday. Two years ago, when oil prices soared to nearly 100 dollars a barrel, the oil exporters cartel, which includes both