Friday, April 25, 2014   

OPEC unlikely to lift output
(12-02 19:29)

The Organization of Petroleum Exporting Countries meets in Vienna this week to decide on the cartel's oil output against a backdrop of slowing crude demand and unrest in member nation Libya.
Supplying about one third of the world's oil, the cartel is expected to maintain its output ceiling of 30 million barrels per day when it meets at its Vienna headquarters Wednesday, even though it is currently producing under the limit.
OPEC is seen sitting tight, with its dozen members largely appearing satisfied by current market prices for crude, as Brent wins strong support from rising unrest in Libya that has slashed the country's output.
Weighing on prices is a reduction in tensions over Iran following the OPEC member's recent deal with world powers to allow tighter oversight of its nuclear programme in exchange for modest sanctions relief.
New York crude in particular is being hit by rising US oil inventories.
OPEC will meanwhile use the meeting of its nation members from Africa, Latin America and the Middle East, to decide also on a new secretary general, or administrative head of the organisation that was founded in 1960.
"Oil prices are still well within the range most of the members are comfortable with, so there shouldn't be much case for cutting production,'' Thomas Pugh, commodities analyst at Capital Economics consultants, told AFP.
On Friday, New York's main contract, West Texas Intermediate (WTI) for delivery in January, stood at US$93.58 per barrel.
Brent North Sea crude for January, the European benchmark, was at US$110.93 a barrel.
"If you take an average of these two, we're roughly around the level of $100 that Saudi Arabia has been talking about as being the fair price,'' noted Harry Tchilinguirian, BNP Paribas' global head of commodity markets strategy.
OPEC kingpin Saudi, also the world's biggest producer of oil, argues that crude at $100 a barrel provides acceptable income for producers without weighing too heavily on consumers.

   
Other Business breaking news:
European equities rebound (04-24 19:13)
Spain cuts jobless rate to 25.73pc (04-24 18:15)
Bitcoin exchange MtGox to start liquidation process: lawyer (04-24 17:50)
Canon sees profit up on weak yen (04-24 17:36)
Draghi wants to publish ECB minutes (04-24 17:35)
Large Scania shareholder accepts Volkswagen bid (04-24 16:43)
German business confidence up in April (04-24 16:40)
Spain logs fastest growth in six years (04-24 16:39)
Hang Seng up, Shanghai down (04-24 16:37)
AstraZeneca drugs group says profits halved (04-24 16:08)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.