OPEC Says Oil Supply Is Adequate as Crude Retreats From Record

[Purveyor]

Source: Bloomberg News

Dec. 3 (Bloomberg) -- OPEC members, the producers of 40 percent of the world's oil, say they are pumping enough to meet global demand and an increase would do little to ease prices.

``We should not create a big glut in the market,'' Qatar's energy minister, Abdullah bin Hamad al-Attiyah, said Dec. 1. His comment was echoed by officials from Saudi Arabia, the world's largest exporter, Venezuela and the United Arab Emirates.

The Organization of Petroleum Exporting Countries meets on Dec. 5 in Abu Dhabi, United Arab Emirates, after oil prices had their biggest weekly decline in 2 1/2 years to $88.71 a barrel on the New York Mercantile Exchange. International Energy Agency officials say OPEC needs to pump more to meet the seasonal peak in demand, during the Northern Hemisphere winter.

Saudi Arabian Oil Minister Ali al-Naimi, who pushed the group to boost supplies at its September meeting, said two days ago that crude inventories are ``very comfortable.'' His Algerian counterpart, Chakib Khelil, said yesterday in Algiers that OPEC will keep output unchanged because there is ``no need'' to increase production.



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aeQidWyWOd4k&refer=home

[whistle]

1. This event alone will made Dick Cheney push for war with Iran

....they just got to get that oil price over $125 per barrel ASAP :sarcasm:

[NickB79]

2. The main reason oil has dropped lately is because everyone anticipated OPEC turning on the taps

Now that they've stated they won't be increasing production anytime soon, I wouldn't be surprised to see oil go up, AGAIN.

Peak Oil mindfucking at it's finest.

[NickB79]

3. I'm a damn prophet, I tell ya

http://news.yahoo.com/s/ap/20071203/ap_on_bi_ge/oil_prices

"SINGAPORE - Oil prices rose Monday amid speculation that OPEC may not decide to boost output this week after last week's sharp price drop."