VIENNA (Reuters) – OPEC ministers due to arrive here for their meeting on March 17 say there is no need to change output targets with oil prices above their preferred range, but soft demand is prompting calls to curb overproduction.
“In my opinion, I don’t think we are going to see any change, even though inventories are high,” Qatar’s Oil Minister Abdullah al-Attiyah told Reuters by telephone on Monday.
DUBAI (Reuters) – OPEC is expected to leave oil output targets unchanged when it meets in Vienna next week, as a price around $80 and hope that a rebounding world economy will burn more fuel override concern about oversupply.
U.S. crude futures traded above $81 a barrel on Wednesday, down a couple of dollars from a 15-month high touched in January. The price has averaged $78 this year, well above the $62 of 2009 and enough to meet the budget needs of most of OPEC.
DUBAI/LONDON (Reuters) – The storm brewing on OPEC’s horizon over future Iraqi oil output could engulf the producer group sooner than it would like.
OPEC was unlikely to discuss Iraq at its meeting on March 17 but it may need to do so within a couple of years.
DUBAI (Reuters) – Oil producers are pumping more crude than consumers need but the oversupply is insufficient to have a big impact on the market, Iran’s OPEC governor said on Sunday.
“There is some oversupply in the market,” Mohammad Ali Khatibi told Reuters in a telephone interview. “But it cannot damage the market. It can be absorbed into stocks.”
TOKYO (Reuters) – Regulators would have to walk a fine line between increasing oversight of oil markets and making new rules so tough they chase investors away, the IEA and a Japanese government-affiliated energy agency said on Friday.
U.S. regulators want the right to peer harder at often opaque energy markets, part of broader reform moves after the financial crisis sparked a global recession and brought Wall Street into the political spotlight.
TOKYO, Feb 26 (Reuters) – Better operating markets and
improved demand-supply data are crucial to curb wild oil price
swings but further moves to regulate must factor in liquidity
and the ability to manage risk, the IEA and a Japanese agency
As the U.S. Congress is expected to pass a regulatory
reform bill this year that would include giving the top futures
watchdog more clout to regulate over-the-counter (OTC) swaps,
the International Energy Agency and Institute of Energy
Economics Japan cautioned against any rules that could impair
DUBAI/SINGAPORE (Reuters) – The strength of the global economic recovery and the winding down of government spending programs are among the biggest tests for the oil market that experts will puzzle over at a meeting this week in Tokyo.
Governments have spent big on stimulus packages to revive sick economies during the global downturn. The end of those injections, the risk of worsening inflation and tightening fiscal policy threaten a modest oil demand recovery in 2010 after two years in which the world has burned less fuel.
DOHA, Jan 26 (Reuters) – OPEC is unlikely to adjust output
quotas at its next meeting in March if oil prices remain at
current levels, Qatar’s oil minister said on Tuesday.
“If it stayed in the levels of the $70s I don’t think so,”
Abdullah al-Attiyah, told reporters on the sidelines of a MEED
LUANDA (Reuters) – OPEC agreed on Tuesday to keep supply curbs unchanged but faces a battle to crack down on those in its ranks who are failing to comply with quota restrictions if it wants to drain bulging global fuel inventories.
The 12-member Organization of the Petroleum Exporting Countries that pumps some 50 percent of the world’s oil exports has seen crude prices almost double since the start of the year after it sliced output when recession hit fuel demand.
BAGHDAD (Reuters) – Iraq, emerging from the shadow of war, expects to boost its oil output to rival the level of top producer Saudi Arabia after awarding some of its most attractive oilfields to global oil companies this week.
By the end on Saturday of a two-day bidding round for 10 oil contracts — the second auction since the 2003 U.S. invasion — Iraq had received pledges from oil firms to boost its output by 4.765 million barrels per day, almost double its current output.