04/12/2013
Saudi Arabia and Kuwait agreed on installed production ceiling
Naimi: oil market «in the best possible position»
KSA Considered the largest oil exporter in the world, the oil market ' in the best possible position ', and ' no need ' to reduce the production of organization of petroleum exporting countries ' OPEC ', according to Ali al-Nuaimi, Minister of petroleum and mineral resources. The Minister said to reporters upon arriving in Vienna, on Monday, to attend the 164 for the Organization, which convened today: ' market in the best possible position. Demand and economic growth is improving. He said: ' why? 'Reduction. In response to a press question, about the possibility of lowering the ceiling joint production cartel, set at 30 million barrels a day since December 2011 and said, according to Agence France-Presse, that the potential for increased exports of Iranian oil ' is not a strong reason to cut production because demand exists.
Iran and the major powers had concluded an agreement in Geneva on 24 November on Iran's controversial nuclear program, the easing of the sanctions but not those of the country's oil exports. Experts believe that Iran's exports may rise in the short term slightly towards Asia. In the medium term, if the lifting of all sanctions, Iran will be able to provide the market with an additional 1 million barrels a day, according to analysts. The sanctions have led to a reduction in oil exports of 2.5 million barrels per day in 2011, to 1.1 million barrels per day in the first nine months of the year, according to the International Energy Agency.
AlNuaimi also said that the oil price is ' perfect ' and said, ' the price determined by the market, and we are satisfied with the price you specify. ' OPEC expects that global demand is rising slightly next year to 101 million barrels a day compared with 150.87 million barrels per day in 2013. But demand for its oil is expected to fall by 300,000 barrels. Reuters quoted Mostafa, Kuwait's oil Minister, was quoted as telling reporters Monday: that there was no need to change existing oil production target of ' OPEC '. The Minister was speaking on arrival for a meeting of the organization today. And ' OPEC ', founded in 1960, and currently comprises 12 countries from the Middle East, Africa and Latin America, about one third of global oil production.
