OPEC happy with stable supply and demand, keeps output unchanged

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There were no surprises from the gathering of some of the world’s largest oil producers.

OPEC has agreed to renew its production ceiling of 30 million barrels a day for the second half of this year.

The 12 members of the Organisation of the Petroleum Exporting Countries – who pump more than a third of the crude oil the world uses – are mostly satisfied with the supply and demand balance.

Saudi Arabia’s oil minister Ali al-Naimi, said: “Everything’s good, stable and everyone’s happy.”

That stability has kept the price for the benchmark Brent crude around $110 a barrel, comfortably above OPEC’s preferred price of $100 a barrel.

Prices are supported by two member countries, Libya and Iran, producing well below capacity because of civil conflict and sanctions respectively.

They are likely to stay high with the deteriorating security situation in Iraq.

In the end of meeting communique, OPEC said its next gathering would take place on November 27 and its Secretary General Abdullah al-Badri’s term would be extended to June 30, 2015.

Nigeria had nominated Oil Minister Diezani Alison-Madueke to succeed long serving incumbent al-Badri as OPEC secretary-general, ministers said earlier this week.

The proposal was intended to solve the deadlock over the post created by opposing candidates from Saudi Arabia and Iran, Iraq’s Oil Minister Abdul Kareem Luaibi said.

with Reuters

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