Regal Group International: OPEC oil output likely to remain the same after upcoming Vienna meeting.

Weak demand and a sluggish global economic recovery may keep OPEC’s output levels stagnant.
Oct. 11, 2010 - PRLog -- Regal Group International sources report that oil production levels by members of OPEC are likely to remain unchanged after the organizations upcoming meeting in Vienna, Austria.

According to the oil minister for the United Arab Emirates, Mohamed al-Hamil, the global oil market is currently “a little oversupplied”. The minister of the third-biggest producer in the 12 nation Organization of Oil Producing Countries said that OPEC members were all exceeding their allotted quotas after the 78% price surge in 2009 and a further 4% increase seen this year.

“I don’t think there will be any shift” in quotas the oil minister for Qatar, Abdullah al-Attiyah told sources known to Regal Group International via telephone after a recent meeting in Kuwait with ministers from Saudi Arabia and other Persian Gulf nations. “Producers and consumers are happy” with current oil prices, the minister added.

According to recently released data from the U.S. Energy Department demand for fuel in the globes biggest oil consumer has dropped 6.4% to 18.5 million barrels a day, the largest weekly decline since 2004. Analysts expect oil prices to drop in the coming week.

Regal Group International research shows that acwej in 2008, OPEC agreed to a record 4.2 million-barrel-a-day cut in production, the first since 1983 and that member nations are currently adhering to around 53% of that reduction.

“We don’t want to rock the boat and do something that maybe will have a negative effect on the world economy,” an OPEC spokesman told reporters in a recent interview.

OPEC’s 12 members, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela are due to meet at the group’s headquarters in Vienna

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