News Column

OPEC ministers to review oil supply, demand - Al-Fuzai

June 11, 2014



By Abdelwaheb El-Gueyed

VIENNA, June 10 (KUNA) -- Kuwait's Governor in OPEC Nawal Al-Fuzai said Tuesday Oil Ministers in the oil cartel would meet in Vienna tomorrow to discuss production levels, prices, non-OPEC oil supplies and global crude oil stocks.

The meeting primarily aims at determining production levels of the Organization of Petroleum Exporting Countries for the rest of the year, Al-Fuzai told KUNA.

The oil ministers, she added, would examine a report by OPEC's Economic Committee and Secretariat about oil supply-and-demand, consumption and stocks, with the objective of "taking the appropriate decision" that guaranteed crude oil supplies with prices suitable for producers and consumers.

Al-Fuzai, also Oil Ministry's Assistant Undersecretary for Economic Affairs, voiced relief for the current oil prices.

Oil prices, she added, have kept their levels at USD 100 per barrel (pb) and sometimes rising to USD 110 pb because of geopolitical conditions in some producing countries coupled with economic growth in some industrial nations.

On Kuwait, Al-Fuzai said the country was producing 2.9 million barrels per day (bpd) and projected to increase to 3.5 million bpd next year and four million bpd in 2020.

OPEC, she said, was currently producing 30 million bpd as set by the oil ministers in December 2011.

She said the crisis between Russia and Ukraine have affected the economy of Europe thus oil demands.

Al-Fuzai meanwhile said the oil ministers would discuss the agenda of OPEC's annual seminar, due in June 2015.

Kuwait's Oil Minister and Minister of State for National Assembly Affairs Dr. Ali Al-Omair is due tin Vienna tonight. (end) amg.bs

All KUNA right are reserved


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Source: Kuwait News Agency


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