• No output signal from OPEC as oil nears $100


    No output signal from OPEC as oil nears $100
    Al Nuami: Still happy with oil price of $70-80 per barrel

    OPEC gave no signals on Friday it would supply the world with more crude, despite oil prices trading near a two-year high and with most analysts predicting a rally above $100 per barrel.

    Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali Al-Naimi said he was still happy with an oil price of$70-80 per barrel.

    US crude closed at over $91 per barrel on Thursday and Brent traded at around $94 per barrel.

    He was speaking on his arrival in Cairo for a meeting of Arab oil exporting countries.

    Arab OPEC ministers are meeting in the Egyptian capital this weekend where they may discuss oil production and price, but no formal decision on output will take place. OPEC’s next scheduled meeting is for June.

    Libya’s top oil official, Shokri Ghanem, said his country was producing 1.5 million bpd at the moment while having capacity of 2 million.
    “Our capacity is close to 2 million (barrels a day) but you know we are producing around 1.5 million,” Ghanem said.

    “Production is according with our international commitment, in particular our OPEC commitment, and in the meanwhile we don’t want to rock the boat of the market.”

© All Rights Reserved for Asharqia Chamber