Ecuador’s Pinto says OPEC oil output to remain unchanged

Ecuador’s minister for oil policy Germanico Pinto said Tuesday that world oil prices should stay in a range between $70 and $80 for 2010 and OPEC has no need to change oil output policy at its March 2010 meeting. Ecuador has the rotating presidency of OPEC this year. Asked by Reuters if he was standing by his previous estimate of a world oil price range of $70 to $80 for 2010, Pinto said, “Between $70 and $80 is a range that we generally consider reasonable.” Asked if OPEC should consider changing output targets during the group’s March meeting, he said, “I do not see any reason for there to be any modification in the policies of OPEC in relation to the oil market.” Backing this statement, Iraq’s top oil official says prices are at satisfactory levels and does not expect OPEC to make changes to output during its meeting next month. Oil Minister Hussain al-Shahristani told The Associated Press on Monday the OPEC Member Countries will instead discuss lackluster member compliance with oil output targets. Ecuador says OPEC has not discussed March oil output change Top Libya official says OPEC to keep oil output unchanged OPEC members oil output in Feb 2010 hits 14 month high Oil prices trading above $80 on higher 2010 forecasts Latest OPEC report says 2010 oil forecast to be trimmed OPEC could cut oil output if prices fall below $70 US Crude oil prices trading in $76 to $77 range, markets up Decisive action by OPEC will stabilise world oil prices OPEC member oil output hits 2009 high in December OPEC keeps oil output unchanged in December meeting OPEC meeting underway, higher oil prices in 2010? The run up to OPEC’s December oil output meeting Ecuador sees no reason for OPEC oil output cut in 2010 Oil prices trading steady, awaits US crude inventory data The Weekly Oil Futures Wrap at Live Oil Prices Brent oil price trading up on latest positive US GDP data IEA says market can absorb loss of 1yr Iran oil supply Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on latest US jobs data Oil prices trading down two percent on stronger US dollar

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Ecuador’s Pinto says OPEC oil output to remain unchanged