According to media in Kuwait City on August 19 reported that the Kuwaiti Oil Minister Sheikh Ahmad Abdullah Al-Sabah said here today that the current oil prices are at a satisfactory price, therefore, Kuwait that the Organization of Petroleum Exporting Countries (OPEC), there is no need for the September 9 meeting to change the oil supply.
U.S. crude oil futures at today's transactions be maintained at above 69 U.S. dollars a barrel, the OPEC oil prices and invest in the future energy supply for the identified objective of 75 U.S. dollars a barrel level. Reuters quoted Al-Sabah in Kuwait Parliament on the content of the speech reported that there is no need for OPEC to increase or reduce oil production. Kuwait believes that the current OPEC production quota is appropriate.
Oil supplies accounted for more than one third of the world's total supply of OPEC will meet on September 9 to discuss supply policy. Al-Sabah said last week that if oil prices remained stable in September OPEC meeting to cut production would not be necessary.
Aug. 20, 2009
Libya: The world oil demand so far no signs of recovery
Tripoli August 15 news, Organization of Petroleum Exporting Countries (OPEC) members of senior officials of the Libyan oil sector on August 14 said here today that world oil demand so far no signs of recovery in the current market is still over-supply. Libyan Oil Minister and Chairman of the Libyan National Oil Company Shukri Ghanem said: "Let us look at the market supply and demand figures, the current market is still too much supply."
Ghanem said that the world demand for oil has not yet any signs of recovery. Ghanem said OPEC should cut production targets to increase the percentage of completion. OPEC production is being done and the proportion of the target from 80 percent earlier this year dropped to about 70%. OPEC is to predict in the September 9 meeting to cut oil production is still too early.
Institutions of the International Energy Agency in Paris on August 12 have claimed that the department recently increased this year and next year's world oil demand forecast, the International Energy Agency expects global oil demand this year will fall 2.7%.
Aug. 17, 2009
Ghanem said that the world demand for oil has not yet any signs of recovery. Ghanem said OPEC should cut production targets to increase the percentage of completion. OPEC production is being done and the proportion of the target from 80 percent earlier this year dropped to about 70%. OPEC is to predict in the September 9 meeting to cut oil production is still too early.
Institutions of the International Energy Agency in Paris on August 12 have claimed that the department recently increased this year and next year's world oil demand forecast, the International Energy Agency expects global oil demand this year will fall 2.7%.
Aug. 17, 2009
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