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Opec Members Stick to Targets
- By Uchenna Kalu
- Published September 6th, 2009
- EnergyWorld
- Unrated
Opec member nations, the oil cartel, will keep to its production targets at its September meeting.
Abdullah Attiyah, Qatar’s oil minister, said Opec ‘will not change the situation’ at the 9 September meeting set in Vienna.
His comments mirror the published remarks of Imad al-Atiqi, a member of the Kuwait’s Supreme Petroleum Council who told the al-Seyassah newspaper that Opec is unlikely to cut output at its September meeting because oil prices were stable. The group would focus on better compliance with previous cuts when it meets next month, he said.
The International Energy Agency (IEA) said last week that stocks in developed countries stood at around 61.7 days of forward cover at the end of June, around 10 days more than Opec considers comfortable.
Output discipline has declined from a record level of 80 per cent early this year to 71 per cent of promised curbs in July as rising oil prices and the prospect of recovering demand may be encouraging members to pump out extra barrels, Reuters report said citing analysts.
Opec agreed last year to cut output by 4.2 million bpd, equal to about 5 per cent of daily world demand, from its output levels to prop up slumping prices.
Abdullah Attiyah, Qatar’s oil minister, said Opec ‘will not change the situation’ at the 9 September meeting set in Vienna.
His comments mirror the published remarks of Imad al-Atiqi, a member of the Kuwait’s Supreme Petroleum Council who told the al-Seyassah newspaper that Opec is unlikely to cut output at its September meeting because oil prices were stable. The group would focus on better compliance with previous cuts when it meets next month, he said.
The International Energy Agency (IEA) said last week that stocks in developed countries stood at around 61.7 days of forward cover at the end of June, around 10 days more than Opec considers comfortable.
Output discipline has declined from a record level of 80 per cent early this year to 71 per cent of promised curbs in July as rising oil prices and the prospect of recovering demand may be encouraging members to pump out extra barrels, Reuters report said citing analysts.
Opec agreed last year to cut output by 4.2 million bpd, equal to about 5 per cent of daily world demand, from its output levels to prop up slumping prices.
