OPEC to Keep Output Ceiling

Ten oil ministers of the 11-member oil cartel met in Qatar Wednesday, to discuss the oil output until the reentry of Iraq into market.  The seat of Iraq, the site of the origination of OPEC remains vacant.

Saudi Arabia, Iran, Venezuela, UAE, Nigeria, Kuwait, Libya, Indonesia, Algeria and Qatar attended the meeting.

Five non-OPEC countries taking part in the meeting as observers announced their readiness to cooperate with OPEC to prepare the grounds for the stabilization of the oil market and prices.

 “The oil market will be supplied with 25.4 million barrels of oil per day (bpd), Iranian Oil Minister Bijan Namdar Zangeneh told reporters.

“OPEC has decided to stick to the said production ceiling which June’s,” he said

With regard to the oversupply in the market, he said, despite the existing oversupply, prices are within the range of the prices already approved by OPEC, that is, 22-28 dollars a barrel.

Echoing the Iranian oil minister, the United Arab Emirates (UAE) Oil Minister Obeid bin Seif al-Nasseri told  the reporters, we do not find ay justification to change the current ceiling. This is why I think there is a consensus among the members to preserve it,

We will convene again after the Iraqi oil has flown once again, he said adding, we will make the necessary decision then.

Asked about the approximate time of reconvention, he said, we may reconvene before September.

RA/SM