WTI oil trading at $100 ahead of key OPEC output meeting

WTI oil futures open Monday’s trading session hovering at $100 a barrel ahead of this week’s key OPEC meeting which will focus on oil output levels by member countries, who seem divided on their views in recent days. Latest WTI Oil Price US Light crude oil futures for July 2011 delivery was trading at $100.23 a barrel, 07.50 GMT this morning in electronic trading on the NYMEX. OPEC Meeting The next OPEC meeting is scheduled to take place on Wednesday in Vienna, Austria, which could be OPEC’s most contentious in years, as OPEC member countries struggle to find a common voice in response to $100 plus oil prices and the rising clamor of consumers for more oil. It seems that Iran is happy with oil output levels, while other Middle Eastern countries including Saudi Arabia are backing an increase in output levels. “Saudi Arabia and Kuwait want an output increase to meet the expected demand later in the year, and the UAE will likely follow suit.” a Gulf delegate commented. OPEC member countries produce an estimated 29.1 million barrels a day of oil, accounting for roughly a third of world crude oil output.

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WTI oil trading at $100 ahead of key OPEC output meeting