OPEC ministers make no change in the output
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QUITO (Ecuador) - OPEC ministers decided Saturday maintain oil production at its current level, citing inventories more persistent amid global economic uncertainty and a price just under $ 90 per barrel.
After an exceptionally short meeting, 12 members of the cartel said he based his decision on projections showing the demand for crude oil would grow more slowly in 2011 as this year.
The Declaration also cited "fragile global economic recovery difficult risks" including "fears of a second banking crisis in Europe.
Major industrialized world countries continue to face more "low industrial production," consumption but also private unemployment lagging behind, the Ministers were added.
"The market is in equilibrium and is stable," oil Minister Ali Naimi, Saudi Arabia, the largest producer of OPEC, told journalists. "The fundamental principles are good." Suffering from a cold, he left soon after the unexpected meeting, which lasted less than two hours.
Next planned meeting OPEC is June 2 in Vienna, his home. A asked if she could meet sooner if prices were to take place, General Secretary of the group, Abdulla Salem El-Badri said that is always possible.
"OPEC is always ready for when there is a significant market change," he said.
There was much discussion on whether oil would soon be addressing psychological price $ 100 - barrier or even more climbing close to its peak history $2008 147 per barrel.
Venezuelan Minister Rafael Ramirez thinks that such price was "correct" taking into account how producers invest in remove gross ground.
Announcement of "no change" has been widely anticipated and four Ministers agreement - the Iraq the Qatar, the Kuwait and Nigeria - has not yet made the journey, send delegates from the Andean capital below.
OPEC, which is responsible for 35 per cent of global oil production has not changed its quota production since the end of 2008. Last month, Naimi said price of $ 70 to $ 90 per barrel was tolerable to consumers. Saturday, it lowered the top range $ 80 when requested.
50-Year agreement was a good year, with prices soar in the mid$ 80 range and benefits 32 per cent in 2009 to 750 billion, estimates according to the Department of energy of the United States. OPEC releases not profit numbers.
Oil reached a maximum of two years of almost $91 Tuesday - as merchants assess the dimensions of demand for 2011 and responded to a particularly harsh onset of winter in Europe.
The Paris International Energy Agency-based or IEA, said Friday that consumption higher than expected next year in North America and the emerging economies of Asia led by China could oblige the OPEC to stimulate supply "if prices continue their relentless rise."
Issuance of world oil demand provided, I said it expects an increase in demand year next to 88.8 million barrels per day, 260,000 barrels daily more than previously forecast.
Report market OPEC monthly published Friday, provided a boost demand for 1.2 million barrels per day in 2011 level this year to an average of 87.1 million.
The Ministers expect demand for crude oil continue to grow, "At this time, the request is not well" Iran, Masoud Mir-Kazem petroleum Minister, told reporters.
"If the request turns to be greater that have planned them, there is still an airbag there and they can return later and increase production" analyst David Kirsch, energy of PFCS in Washington says the Associated Press. "Or most likely, what happens is that cheating membes.".
El-Badri said respect is currently about 60 per cent.
Supply of oil in the major industrialized countries and China are currently well above normal, and the OPEC provides an impetus of demand in China and North America in monthly market report that he published Friday, he considers fuel crisis debt Western Europe will dampen consumption it.
El-Badri said oil stocks are seven days over the five-year average. "There are lots of oil on the market", he added. "To the OPEC we have six or seven million barrels per day of excess capacity."
OPEC average 29.1 million barrels of production last month, a decrease of 70,000 barrels of October according to Platts, surveys of industry representatives and analysts.
OPEC has changed last exit by end of 2008 when he capped a record series of reductions to help boost prices had fallen with the global financial collapse.
Some analysts believe conditions now are conspiring against much more pressure to increase prices, as the effects wear off the coast of the u.s. Federal Reserve Bank decision to issue and to purchase up to 2.3 trillion in u.s. Treasury bonds.
The post-meltdown - mainly silver print - move made cheaper u.s. exports abroad and boosted the price of oil. He also encouraged the Chinese buy and store more oil.
Many analysts believe $100 per barrel oil is inevitable in 2011 if it could be months before the it.
"Everyone is worked up to $100 per barrel," said Barbara Shook, a Houston-based energy intelligence Group analyst. This is a psychological issue. A one hundred dollar oil means that you have $ 3 all the United States markets gasoline.
"And this is another point of no return. It might fall reduction led discretionary consumption, stuff like that, ", she added.
The Ecuador, who joined OPEC in 2007 after 15 years of absence, which held the rotating Presidency this year. The Iran will be for 2011.
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