09/09/2009
Saudi Oil Minister Ali Al-Naimi expects OPEC to leave oil production levels unchanged at its meeting on Wednesday, Saudi-owned Al-Hayat newspaper reported on Wednesday."The Saudi Oil Minister Ali Al-Naimi expects -- in a statement to al-Hayat in Vienna -- that the OPEC meeting, which takes place this evening in Vienna will not amend the oil production level, pointing to the fact that crude prices are at around $63 to $73 per barrel and that no change is required," the newspaper said.
Saudi oil output is currently at 8.1 million barrels per day (bpd), the paper quoted Naimi as saying.
Global oil inventories were "high", Naimi told the paper, equivalent to around 60 days of forward cover, but were expected to decline soon as demand picks up with an improving global economy.
Earlier, the newspaper reported Naimi as saying the oil market was stable and current prices satisfactory.
When asked if he thought OPEC needed to cut output at its meeting set to begin at 9.30 p.m. (1930 GMT) on Wednesday, Naimi said:
"With the price ranging between $68 and $73, what else do you want? The price, everybody likes, consumers and producers."
A Reuters survey early this month showed that OPEC oil supply rose in August for a fourth-straight month on higher output from Saudi Arabia, Nigeria and Venezuela.
Supply from the 11 OPEC members with output targets rose to 26.20 million bpd last month from 26.11 million bpd in July, with Saudi Arabia pumping an extra 50,000 bpd, leaving output above its target of 8.05 million bpd, the survey found. [ID:nL1652296]
Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said on Tuesday that OPEC's Ministerial Monitoring Committee saw no need for the group to change output targets.]
Saudi Arabia, the world's top oil exporter, also told two major customers in Asia that it would keep crude oil supplies mostly steady in October, reports Reuters.
