OPEC's benchmark

Published: 24 September 2003 y., Wednesday
OPEC, supplier of a third of the world's oil, is planning to maintain output quotas through the end of the year as sabotage limits Iraqi exports and demand rises because of winter from the U.S. to Japan, officials said. The group meets today in Vienna. Ministers from Saudi Arabia, Iran, Kuwait, the United Arab Emirates, Algeria, Venezuela and Indonesia have signaled no change is needed because prices are within their target of $22 to $28 a barrel. ``OPEC has no immediate need to act,'' said Chris Brown, director of energy consulting at Wood Mackenzie Consultants Ltd. in London. ``We could see a cut in the next two months depending on how more Iraqi oil comes on line. The last thing OPEC wants is a glut forming.'' Crude oil in London has averaged $28.29 a barrel in 2003, $10 more than the 1990s average, boosting income within the Organization of Petroleum Exporting Countries and profit at oil companies such as BP and Exxon Mobil Corp. Prices may fall in 2004 as Iraqi exports and rising output in Russia overwhelm demand, according to a Bloomberg News survey. Iraqi Oil Minister Ibrahim Mohammad Bahr al-Ulum traveled to Vienna for the gathering, where Venezuela objected to the country's participation in the formal meeting. The minister was appointed with the help of the U.S.-led authority in Baghdad, and Iraq's interim government has yet to be recognized by the United Nations. Concern is mounting among ministers that prices will decline in 2004, and Algerian and Kuwaiti officials said OPEC may have to assemble again in December. Oil prices have dropped 15 percent in the past month for OPEC's benchmark, to $24.82 a barrel.
Šaltinis: Bloomberg
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Spain is committed to strengthening the common energy market

According to Spain's Minister of Industry, Tourism and Trade, Miguel Sebastián, currently chairing an Informal Energy Council today in Seville, the key to achieving a common EU energy market is to establish interconnections. more »

IMF to Provide US$100 Million in Emergency Assistance to Haiti

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), announced today that the Fund will provide US$100 million very rapidly in emergency financing to Haiti to assist it in dealing with the aftermath of the massive and devastating earthquake that has hit the country. more »

IMF Announces Agreement in Principle with Jamaica on a US$1.25 Billion Loan

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement on Jamaica today. more »

Korea and IMF to Co-Host a High-Level International Conference

The Government of the Republic of Korea and the International Monetary Fund (IMF) announced today that they will jointly host a high-level international conference on Asia in Seoul, South Korea, during July 12-13, 2010. more »

IMF Managing Director Dominique Strauss-Kahn to Visit Tokyo and Hong Kong SAR

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), will travel to Tokyo and Hong Kong SAR, January 18−20, 2010. more »

Ten winners of Danske Bankas scholarships for the 2009–2010 academic year determined

After lots were drawn, ten winners of Danske Bankas scholarships and one winner of an iPod shuffle player were established. more »

Regarding convocation of extraordinary general meeting of shareholders

The Meeting is convened on the initiative and by the resolution of the Management Board of the Bank. more »

The ministers are examining “Europe 2020”, the future agenda for economic and employment recovery

Today, Thursday, on the second and last day of their informal meeting in La Granja (Segovia), the ministers responsible for European Affairs will study the challenge of how to boost reflation through sustainable growth that generates new employment. more »

On the job front

How well-equipped are European companies to meet the challenges of global competition and the recent recession? The 2009 European Company Survey provides some clues. more »

Commission approves public support for Vaasa regional airport in Finland

The European Commission decided today not to raise any objections to Finland's plan to support infrastructure investments in Vaasa regional airport. more »