OPEC members expect that 2010 oil demand will rise
BonTradeOPEC member countries agreed not to change oil output targets they are already exceeding, and expect that oil demand will pick up later in 2010.
OPEC’s General Abdullah al-Badri said that OPEC member countries would next meet on October 14th 2010 in Vienna, pushing back slightly from the usual yearly September meeting.
“Good oil demand, reliable supply, beautiful prices, we are very happy,” Saudi Arabian Oil Minister Ali al-Naimi said just before entering the meeting.
Saudi Arabia, OPEC’s biggest producer, is pumping around 8.1 million bpd, more than twice its nearest competitor in the group, Iran, but closer than many to its target level.
OPEC has left its members production quotas unchanged since December 2008, when it announced the last of a series of cuts aimed at bringing their output down by 4.2 million barrels per day. The cuts helped engineer a rebound in crude prices, which had collapsed to the low $30’s after the summer of 2008 high of almost $150 per barrel.
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OPEC members expect that 2010 oil demand will rise
