Regal Group International: OPEC commits to keeping its output quotas unchanged.

Sept. 27, 2010 - PRLog -- Kuwait’s oil minister, Sheikh Ahmad al-Abdullah al-Sabah has informed Regal Group International that OPEC intends to keep its output quota unchanged at its October 14 meeting in Vienna, Austria.

"No increase, no change, we will keep the quota as it is," the minister told reporters when questioned about the outcome of the meeting.


The October meeting will be only the second in an unusually quiet year for the Organization of the Petroleum Exporting Countries (OPEC), the first being in March which also resulted in no output policy changes.

Analysts were concerned that OPEC would be inclined to rethink output policy after recent data available to Regal Group International indicated that many leading industrial nations have reached record stockpile levels of crude and petroleum products, a situation which could see the oil price drop below the $70 per barrel level. The oil price has however managed to remain between $70 and $80 per barrel.

Iraq, Libya, Qatar and Ecuador have already announced that they do not believe it necessary to change the policy of the 12 nation group at present.

Libya did however, earlier in the month, say that $100 per barrel was required in order for the nation to cope with the increasing costs of food imports. Wheat prices have increased by over 50 percent since May after the Russian crop suffered its worst drought in more than 130 years, Regal Group International has learned.

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