Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
WEDNESDAY, 23 APR 2014
11:59 PM Beirut time
Weather    
Beirut
22 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
OPEC to keep oil target unchanged
Reuters
Iraq's Minister of Oil and President of the Organization of the Petroleum Exporting Countries (OPEC) conference, Abdul-Kareem Luaibi Bahedh (2R) and OPEC Secretary General Abdalla Salem El-Badri (R) attend a press conference at the end of the 161st meeting of the OPEC in Vienna, on June 14, 2012. (AFP PHOTO / ALEXANDER KLEIN)
Iraq's Minister of Oil and President of the Organization of the Petroleum Exporting Countries (OPEC) conference, Abdul-Kareem Luaibi Bahedh (2R) and OPEC Secretary General Abdalla Salem El-Badri (R) attend a press conference at the end of the 161st meeting of the OPEC in Vienna, on June 14, 2012. (AFP PHOTO / ALEXANDER KLEIN)
A+ A-

LONDON: High oil stockpiles, slowing demand growth and a fragile world economy would normally give OPEC reason to consider supply cuts when it meets next month.

But with turmoil in the Middle East keeping the price of oil well into triple digits, OPEC delegates say the 12-member group is expected to stick with an output target of 30 million barrels per day agreed a year ago.

They also hope the Organization of the Petroleum Exporting Countries will contain tension over sanctions on Iran that have seen Tehran’s output plunge.

Indications are that Iran, under tightening U.S. and European sanctions over its nuclear work, is resigned to dramatically lower exports and will fly under the radar at the Dec. 12 meeting in Vienna.

“OPEC is facing a difficult year ahead. The world economy is weak and supply will be running ahead of demand, which could justify a cut of around 500,000 barrels a day,” said a senior OPEC delegate from the Gulf.

“But political factors will prevent OPEC from taking any formal action.”

With changes in the output ceiling unlikely, oil market management will be guided by OPEC’s leading producer Saudi Arabia – the only member with significant unused capacity – supported by the UAE and Kuwait.

 
A version of this article appeared in the print edition of The Daily Star on November 30, 2012, on page 5.
Home Middle East
 
     
 
OPEC / Kuwait / Oil & Gas
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Wednesday, April 23, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Israel shows Zionism’s true colors
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Echoes of 1914 characterize the Ukraine crisis
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS