Iraq's Shahristani Says Sees No Need for OPEC Cut

Source: Reuters 10/24/2011, Location: Middle East

Iraq's deputy prime minister for energy, Hussain al-Shahristani, said current oil prices are acceptable for both consumers and producers and that he saw no need for OPEC to cut production at its next meeting.

"Current prices are acceptable for both consumers and producers, and we do not see any impact of the Europe debt crisis on global oil prices," Shahristani said. Shahristani, a former oil minister who oversees Iraq's growing oil sector, told Reuters there were indications global demand for oil is increasing despite the debt crisis.

"Currently oil supply and demand are balanced and we noticed a gradual increase in demand since last year and we expect the increase to continue," Shahristani said.

"I can't see a need for OPEC to decide on a production cut at its next meeting, and I think current output levels are meeting global demand," he said.

OPEC is scheduled to meet on Dec. 14 at its Vienna headquarters.

Iraq, seeking to ramp up its production capacity to rival global leaders, has boosted its output to 2.9 million barrels per day this year. Saudi Arabia, Kuwait and the United Arab Emirates boosted output unilaterally after Iran, African countries and Venezuela blocked a Saudi-led proposal to increase output targets at OPEC's last meeting on June 8. Brent crude LCOc1 rose above $110 on Monday, and U.S. crude CLc1 was valued above $88.

Brazil >>  6/17/2022 - Petrobras, regarding the news published in the media, clarifies that by request of the Chairman of the Board of Directors, its Board of Directors held...
Canada >>  6/16/2022 - PetroTal Corp. is pleased to announce the following sales related update.

720,000 barrels of oil under contract for export from Bayovar. Ap...

United States >>  6/15/2022 - ExxonMobil released the following statement in response to a letter from President Biden.

We have been in regular contact with the adminis...

United States >>  6/14/2022 - The U.S. Department of Energy (DOE) announced the fourth Notice of Sale of 45 million barrels of crude oil from the Strategic Petroleum Reserve (SPR)....

Iran >>  5/31/2022 - The managing director of the National Iranian Oil Company (NIOC) here said there is no problem regarding oil debt collection. ...
Russia >>  5/31/2022 - EU leaders urged Russia to halt its indiscriminate attacks on civilians and infrastructure, as well as to evacuate all of its troops and military equi...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.