{"id":9927,"date":"2010-02-10T09:23:05","date_gmt":"2010-02-10T08:23:05","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/9927\/opec-could-cut-oil-output-if-prices-fall-below-70-us\/"},"modified":"2010-02-10T09:23:05","modified_gmt":"2010-02-10T08:23:05","slug":"opec-could-cut-oil-output-if-prices-fall-below-70-us","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/9927\/opec-could-cut-oil-output-if-prices-fall-below-70-us\/","title":{"rendered":"OPEC could cut oil output if prices fall below $70 US"},"content":{"rendered":"

OPEC member countries will call for further compliance before considering any oil output cut if oil falls below $70 US dollars per barrel, a member of Kuwait’s Supreme Petroleum Council said Tuesday. “If oil goes into a sustainable decline below $70 for five to six weeks OPEC will consider cutting but first they will demand compliance,” SPC Member Imad Al Atiqi told Zawya Dow Jones in a telephone interview. OPEC won’t lower production if crude remains in the $70 to 90 a barrel price range, Al Atiqi said. Meanwhile, OPEC member Kuwait is projecting a 22.4 billion dollar budget deficit for the 2010 and 2011 fiscal year after raising spending by more than 33 percent, according to a draft budget seen on Tuesday. The budget still has to be debated and passed by the Kuwait parliament. OPEC’s fourth-largest producer has projected a deficit in each of the past 11 fiscal years, but has ended 10 of them with huge surpluses. The National Bank of Kuwait projects a 24-billion-dollar surplus in this fiscal year. In the past 10 years, Kuwait has accumulated around 123 billion dollars of budget surplus, based on available official data. Top Libya official says OPEC to keep oil output unchanged OPEC members oil output in Feb 2010 hits 14 month high The run up to OPEC’s December oil output meeting Ecuador’s Pinto says OPEC oil output to remain unchanged Ecuador says OPEC has not discussed March oil output change OPEC member oil output hits 2009 high in December OPEC keeps oil output unchanged in December meeting The Weekly Oil Futures Wrap at Live Oil Prices Oil prices trading steady after Thursday loss, eyes on dollar Brent oil price trading under $76 on Greece Worries Oil prices trading down two percent on latest US jobs data Oil prices trading down two percent on stronger US dollar Crude oil ends weeks trading higher, back near $80 OPEC member states get visit from US Energy Secretary Peak demand for oil is alarming says Saudi Arabia OPEC member Iran begins drilling oil well in Caspian Sea Oil prices slip lower on new China bank reserve rules Latest OPEC report says 2010 oil forecast to be trimmed Brent oil price trading steady on higher US stocks data Brent oil trading at $73 after biggest loss in 6 months <\/p>\n

Continued here:
\nOPEC could cut oil output if prices fall below $70 US<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

OPEC member countries will call for further compliance before considering any oil output cut if oil falls below $70 US dollars per barrel, a member of Kuwait’s Supreme Petroleum Council said Tuesday. “If oil goes into a sustainable decline below $70 for five to six weeks OPEC will consider cutting but first they will demand compliance,” SPC Member Imad Al Atiqi told Zawya Dow Jones in a telephone interview. OPEC won’t lower production if crude remains in the $70 to 90 a barrel price range, Al Atiqi said. Meanwhile, OPEC member Kuwait is projecting a 22.4 billion dollar budget deficit for the 2010 and 2011 fiscal year after raising spending by more than 33 percent, according to a draft budget seen on Tuesday. The budget still has to be debated and passed by the Kuwait parliament. OPEC’s fourth-largest producer has projected a deficit in each of the past 11 fiscal years, but has ended 10 of them with huge surpluses. The National Bank of Kuwait projects a 24-billion-dollar surplus in this fiscal year. In the past 10 years, Kuwait has accumulated around 123 billion dollars of budget surplus, based on available official data. Top Libya official says OPEC to keep oil output unchanged OPEC members oil output in Feb 2010 hits 14 month high The run up to OPEC’s December oil output meeting Ecuador’s Pinto says OPEC oil output to remain unchanged Ecuador says OPEC has not discussed March oil output change OPEC member oil output hits 2009 high in December OPEC keeps oil output unchanged in December meeting The Weekly Oil Futures Wrap at Live Oil Prices Oil prices trading steady after Thursday loss, eyes on dollar Brent oil price trading under $76 on Greece Worries Oil prices trading down two percent on latest US jobs data Oil prices trading down two percent on stronger US dollar Crude oil ends weeks trading higher, back near $80 OPEC member states get visit from US Energy Secretary Peak demand for oil is alarming says Saudi Arabia OPEC member Iran begins drilling oil well in Caspian Sea Oil prices slip lower on new China bank reserve rules Latest OPEC report says 2010 oil forecast to be trimmed Brent oil price trading steady on higher US stocks data Brent oil trading at $73 after biggest loss in 6 months <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lightning_design_setting":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9927","post","type-post","status-publish","format-standard","hentry","category-welcome-start-here-tradecrudeoilchatroom"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/9927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=9927"}],"version-history":[{"count":0,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/9927\/revisions"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=9927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=9927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=9927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}