OPEC would consider raising output if oil prices hit $95 mark

OPEC would consider raising oil output if crude oil prices rose to around $90 to $95 a barrel, delegates from the producer group said on Tuesday. Crude oil futures traded at around $83.80 a barrel on Tuesday, above the $70-$80 mark that OPEC’s top producer Saudi Arabia and other members have described as fair for both consumers and producers. “We haven’t met to discuss what we will do if the price reaches the $90 to $95 level, but for sure if the price reaches that level we will consider an increase,” one delegate told Reuters by telephone. “I think that if the price was sustained at above $90 to $95 a barrel, then maybe ministers would think about doing something,” said another delegate. OPEC member countries have kept its output policy stable for more than a year, but since mid-2009 many countries have been informally raising supply alongside a recovery in prices. OPEC would need to see a sustained rally in oil prices to prompt the group to consider a formal increase in its crude output, Libya’s top oil official said on Tuesday. “What we are seeing in the market is a kind of fluctuation that we cannot build a policy on,” Libya’s Shokri Ghanem told Reuters. “It is not a real, continuous trend,” he said of the oil price. “We cannot act on (the basis of) one day, one week or even one month.” OPEC does not have a price trigger that would prompt the group to consider raising supply, Ghanem said. When it last met to review its output policy in March, OPEC decided to keep policy steady. The group is not scheduled to gather again until October. News source: Reuters.com Oil prices trading near 2010 highs as OPEC holds output Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Crude oil prices gain as traders eye global stock markets Oil prices trading down two percent on stronger US dollar Oil prices above $82 as traders look to US supplies, OPEC Oil prices targeting $85 mark as OPEC meets, dollar falls Crude oil prices trading lower on stronger US dollar Goldman Sachs predicts summer oil price at $92 – $97 range Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Oil prices trading steady around $80, stronger US dollar The Weekly Oil Futures Wrap at Live Oil Prices Ecuador’s Pinto says OPEC oil output to remain unchanged Oil prices trading down two percent on stronger US dollar OPEC could cut oil output if prices fall below $70 US Oil prices start week trading around $85 on weak US dollar Oil prices trading firm on US data, homing in on $90 barrel Light oil price touches $87 in trading, $100 oil soon? Crude oil prices trading over $86 at 18 month highs

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OPEC would consider raising output if oil prices hit $95 mark