Oil supplies comfortable, Opec boss says
Global oil supplies are comfortable, OPEC secretary general Abdullah Al-Badri said ahead of the oil exporting group’s meeting in Vienna next week.
“The market is comfortable as I see it at this time,” he told Reuters on sidelines of UN climate talks.
OPEC is expected to stick with an output target of 30 million barrels per day (bpd) agreed a year ago when it meets on Dec. 12.
High stockpiles, slowing demand growth and a fragile world economy which would usually give members reason to trim output are counterbalanced by tensions in the Middle East which have kept Brent crude above $ 100 a barrel for most of 2012. Brent crude oil fell below $ 110 a barrel yesterday as protracted US budget negotiations fanned concerns about the health of the global economy and the prospects for energy demand.