OPEC maintains current crude output
Oil Ministers of member states of Organization of the Petroleum Exporting Countries (OPEC) have decided to maintain the group's current oil output.
The decision was taken at the The 147th (Extraordinary) Meeting of the Conference of OPEC which reviewed oil market developments since its Meeting in Abu Dhabi in December 2007, as well as short-term prospects.
The meeting was held today at the OPEC Headquarters in Vienna, under the Chairmanship of its President, Dr Chakib Khelil, Minister of Energy and Mines of Algeria and Head of its Delegation, in order to review recent developments in world oil markets.
OPEC ministers said their decision is aimed at maintaing the oil market balance.
"In view of the current situation, coupled with the projected economic slow-down, OPEC Conference agreed that current OPEC production is sufficient to meet expected demand for the first quarter of the year", said OPEC in a a media release.
"The first half of 2008 is likely to witness a crude inventory build, and supply/demand forecasts indicate that commercial oil stocks are in line with the seasonal trend and are expected to remain within their five-year average during the traditionally lower-demand season in 2008," noted (OPEC).
The Conference noted that the significant uncertainties associated with the projected downturn in the global economy called for vigilant attention to their impact on key market fundamentals until its next Meeting on 5 March 2008.
The Conference reiterated the Organization's determination to take every measure deemed necessary to keep the market stable.
OPEC said its previous "production decisions had ensured that the market remained well supplied throughout 2007." UAE Energy Minister Mohammed Bin Dhaen Al-Hamli said the group will be watching the global economic situation and its effects on the world's oil demand.
Analysts stressed that OPEC's decision to maintain current output was right noting that lower demand down to 28.5 mbp is projected in the second quarter of 2008.
OPEC members countries possess between 3 and 3.5 mpd in reserve production capacity.
OPEC's actual daily output reached 32 mbp. (WAM)
The decision was taken at the The 147th (Extraordinary) Meeting of the Conference of OPEC which reviewed oil market developments since its Meeting in Abu Dhabi in December 2007, as well as short-term prospects.
The meeting was held today at the OPEC Headquarters in Vienna, under the Chairmanship of its President, Dr Chakib Khelil, Minister of Energy and Mines of Algeria and Head of its Delegation, in order to review recent developments in world oil markets.
OPEC ministers said their decision is aimed at maintaing the oil market balance.
"In view of the current situation, coupled with the projected economic slow-down, OPEC Conference agreed that current OPEC production is sufficient to meet expected demand for the first quarter of the year", said OPEC in a a media release.
"The first half of 2008 is likely to witness a crude inventory build, and supply/demand forecasts indicate that commercial oil stocks are in line with the seasonal trend and are expected to remain within their five-year average during the traditionally lower-demand season in 2008," noted (OPEC).
The Conference noted that the significant uncertainties associated with the projected downturn in the global economy called for vigilant attention to their impact on key market fundamentals until its next Meeting on 5 March 2008.
The Conference reiterated the Organization's determination to take every measure deemed necessary to keep the market stable.
OPEC said its previous "production decisions had ensured that the market remained well supplied throughout 2007." UAE Energy Minister Mohammed Bin Dhaen Al-Hamli said the group will be watching the global economic situation and its effects on the world's oil demand.
Analysts stressed that OPEC's decision to maintain current output was right noting that lower demand down to 28.5 mbp is projected in the second quarter of 2008.
OPEC members countries possess between 3 and 3.5 mpd in reserve production capacity.
OPEC's actual daily output reached 32 mbp. (WAM)
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