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Source: www.gulfoilandgas.com 7/9/2012, Location: Asia
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Iranian Oil Minister Rostam Qasemi has said that there will be no need for the Organization of Petroleum Exporting Countries (OPEC) to hold extraordinary meeting if the current trend of rising oil prices continues.
"In 161st meeting of OPEC it was agreed if oil prices fall below $100 per barrel it means that prices are in crisis, so we have urged secretary general of OPEC...to make preparations for holding an emergency meeting," Qasemi told the Shana News Agency.
Qasemi warned that if OPEC members failed to comply with the agreed production ceiling of 30 million barrels per day this would disrupt balance in the oil market.
"If OPEC members dont observe agreed production ceiling it will be followed by disorder in oil markets," he said.
In its last meeting in mid-June, OPEC agreed to adhere to the collective limit, implying a 1.6 million bpd cut from the actual supply for 12 members of 31.5 million. To do that, Saudi Arabia would need to cut back sharply.
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| Middle East Oil Supply - June 2013 |
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Syria >> 6/19/2013 - Middle East oil production is estimated to average 1.43 mb/d in 2013, a decrease of 70 tb/d from 2012 and indicating a downward revision of 60 tb/d fr...
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China >> 6/18/2013 - China’s crude oil imports increased in April by 189 tb/d, or 3.5%, from the previous month, to average 5.6 mb/d, despite lower refining levels. On an ...
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Sudan >> 6/17/2013 - Africa’s oil supply is forecast to average 2.38 mb/d in 2013, an increase of 70 tb/d from 2012, flat from the previous MOMR. Despite the steady state,...
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| Japan Oil Trade in May 2013 |
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Japan >> 6/16/2013 - Japan crude oil imports saw a large decline in April by around 480 tb/d or 11% to average 3.7 mb/d. This decline was a fallback after the increase in ...
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| Caspian and China Oil Supply – May 2013 |
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Kazakhstan >> 6/12/2013 - Oil production from Kazakhstan is forecast to average 1.66 mb/d in 2013, an increase of 70 tb/d over the previous year, indicating a downward revision...
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| Crude Oil Price Movements - Jun 13 |
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Austria >> 6/11/2013 - OPEC Reference Basket
The OPEC Reference Basket (ORB) slipped only marginally in May to average
$100.65/b. Hopes for stronger global econ...
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