OPEC members see no need for changing oil output quota
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Members of the Organization of the Petroleum Exporting Countries (OPEC) see no need of changing the official oil output quota as they predict stable crude prices throughout this year.
Meanwhile, ahead of Wednesday's meeting in Vienna to discuss the official target, OPEC countries are also calling for less production to better comply with the current quota level amid worries of weaker demand as countries look to end their stimulus measures.
Saudi Arabia's Oil Minister Ali al Nuaimi said Monday he was happy with the current market situation and there was no need for change.
"The market is in balance, the price is great, inventories are coming down, so why do we need to do anything else?" he asked.
"Based on what we see, everybody's happy with the market. We are extremely happy with the market. The economy is doing well, (and it) will do better down the road. I don't see any reason to disturb this happy situation," he added.
However, most members do foresee a weaker demand and agree on slightly decreasing the real production level to better comply with the official quota.
The cartel has had an official output level of 24.84 million barrels a day since January 2009 but real production has been exceeding that recently, as the world economy rolls out of recession, pushing up demand for crude.
"The market is over supplied. We are going to call for compliance," Libyan Oil Minister Shukri Ghanem told reporters in Vienna Monday.
But OPEC countries are optimistic that the market will remain basically stable and there will be no major fluctuation in prices.
Crude prices would "hold pretty well" until the end of this year, according to Algerian Oil Minister Chakib Khelil.
Oil prices have been climbing out of its lowest points as the world economy slowly recovers. On Monday crude prices were close to 80 U.S. dollars a barrel, compared with the 32 dollars in December.
