Expectations for excess supply absorb and a gradual improvement in prices
Gulf Arab oil ministers are sending signals to the markets: Do not reduce the production ceiling at a meeting in Vienna
Gulf Ministers and officials of the Organization of petroleum exporting countries ' OPEC ' to send signals to the rest of their peers within and outside the Organization in unlikely decision to reduce its production ceiling of the Organization during the meeting to be held in Vienna on 27 November 2010. First came the remarks on Kuwaiti oil Minister Al-omair on excluding OPEC to take any decision to cut output because of low prices at its meeting on 27 November read compliant to current oil market, published by the ' economic ', dated on the 6th of November, 2010. According to Reuters Al-omair said told reporters Tuesday on the sidelines of a Conference in Abu Dhabi's energy sector is unlikely to decide ' OPEC ' oil output cut at its next meeting. He said: ' it would be a difficult decision but I do not expect any reduction '. He said he expected the market will absorb excess oil but oversupply is not clear.
The next meeting of OPEC, ' ' the Kuwaiti Minister said that 'the most important thing is that we reach agreement ' but no details. To that, said Abdullah Al-Badri, Secretary-General of OPEC, that there was no need for panic in the markets because of sharp declines in oil prices in the recent period that the situation will improve by itself. Al Badri said during a panel discussion with energy industry conference in Abu Dhabi ' don't panic. .. Conditions will improve on its own '. With the Suhail Bin Mohamed Al mazrouei, UAE energy Minister similar opinion said that there was no need to panic over oil prices and that it's not a big problem.
Al Mazrui had earlier declined to comment when asked about whether OPEC countries ' plans to ' production cuts at its next meeting on 27 November to support prices. The Minister said on the sidelines of a Conference in Abu Dhabi last: ' as I said let's wait. We have a meeting at the end of the month '. He said: ' we, as a group of producers are not the only ones who produce a. There are others. Our role is to balance the market over supply and what we will do is always '. However, informed sources said yesterday that Saudi Arabia will provide at least two Asian buyers according to fixed-term contracts with full raw volumes contracted in December, unchanged from November.
At the time, said Nasser, Vice President for exploration and production in the energy sector in Abu Dhabi Tuesday that oil price fluctuations in recent period will not affect long-term supply commitments to the company. Explained: ' recent fluctuations are nothing new in.. It is due largely to the weak global economy, ' adding that ' large quantities of oil in the market. He said that the fundamentals look strong in the long term and that fluctuations do not affect the long-term obligations of Saudi Aramco. And here's to ' economic ' Dr. Rashid Al-abanumay, yesterday: ' official oil Ministers leaks' OPEC ' has now started, and tips for the rest of the oil Ministers that went to reduce the ceiling to ' OPEC '. The leaks coincided with the former view mentioned by the unlikely to take ' decision to cut the cartel's output ceiling. Aba Nmi believes that these statements will be a factor for a lower price later, so the price may decrease between $ 2 and $ 4 after the public statements of the Ministers of oil, followed by lower when the ' OPEC ' next meeting not to cut output, this will push prices further up the price between $ 50-$ 60 a barrel. Either pay Husseini, oil analyst and former official in the ' Aramco ', he told the Kuwaiti Minister expression of viewpoint and attitude of Gulf oil Ministers, but may not reflect the opinion of the other members ' OPEC '. He said: this is a clear message that there will be no change to the ceiling, and the ' OPEC ' will continue in the same production, noting that the current surplus of oil will be consumed over the next few months, the situation will not continue for long, pointing out that this position of ' OPEC ' from the start. US crude fell yesterday below $ 79 a barrel, while Brent crude high trend with $ 1 almost reaching $ 85 a barrel yesterday after Libyan supplies disrupted by protests and sagging US dollar from its highest level in four years.