InfoAnda - OPEC ends Cairo meeting without new output cuts

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Television 'ban' for Australian toddlers: report | 12 October 2009
Indonesia denies deforesting caused Papua floods | 12 October 2010
NBC names David Gregory host of 'Meet the Press' | 8 December 2008

UAE Suspending BlackBerry Service | 6 August 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : OPEC ends Cairo meeting without new output cuts

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: OPEC ends Cairo meeting without new output cuts By TAREK ELTABLAWY and ADAM SCHRECK,Associated Press Writers AP - Sunday, November 30 CAIRO, Egypt - OPEC ended a hastily convened meeting in Cairo Saturday without announcing new output cuts, despite the steep drop in crude prices and the threat it poses to member governments' national budgets. The oil producing group's president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices. The group, however, will likely wait until a meeting in Algeria on Dec. 17 to decide whether to cut additional crude supplies from the market. Khelil said oil ministers of the Organization of Petroleum Exporting Countries "agreed to take any additional action on 17th of December to balance oil supply and demand and achieve market stability." His comments came after the group convened what it called a consultative meeting in Cairo to take stock of market situations and to asses whether members were complying with a 1.5 million barrel per day output cut announced Oct. 24 in Vienna, Austria. Khelil said preliminary market data indicated members were complying with the earlier cuts. Saudi Arabia's king said in an interview published Saturday in a Kuwaiti newspaper that the price of oil should be $75 a barrel, much higher than it is now, but the conclusion of the Cairo meeting with no announcement on output indicated no measures would likely be taken until OPEC meets again next month. Saudi Oil Minister Ali Naimi went into Saturday's meeting saying OPEC would "do what needs to be done" to shore up falling oil prices when the group meets in Algeria, but for now it was "too early." Naimi, whose country is the world's largest oil producer, said the bloc needs to wait until the Algeria meeting to assess the impact of earlier production cuts. The cut announced in Vienna has so far failed to stop the price drop, and the cartel abruptly convened the Cairo gathering on the sidelines of the Organization of Arab Petroleum Exporting Countries' meeting. The price of crude stood at about $147 a barrel in mid-July. On Friday, the U.S. benchmark West Texas Intermediate crude for January delivery was trading at about $54 per barrel. The price drop and the wider financial meltdown threatens to cut deeply into OPEC member states' government budgets. "We believe the fair price for oil is $75 a barrel," Saudi King Abdullah was quoted as saying in Saturday's edition of the Kuwaiti newspaper Al-Seyassah. He did not say how the price could be raised. The king was echoed by Qatar's Oil Minister Abdullah Bin Hamad al-Attiya, who told the Arab news channel Al-Arabiya that prices needed to rise to guarantee investment in the oil sector. "The price between 70 to 80 (dollars a barrel) is the one encouraging in investment and developing new or current oil fields," he said. "It falls below 70 (dollars), the investment would freeze, which will lead to a crisis in supply in the future." Nigerian Oil Minister Odein Ajumogobia also said they would be "very happy" with oil at $75. Kuwait's oil minister, Mohammed al-Aleem, warned the market is oversupplied, and he didn't rule out the need for OPEC to cut production further. But he, too, said he believed there was no need for OPEC to make a decision in Cairo on cutting output. "We believe a decision could be taken ... but I think it will happen in Algeria," he said, before the start of Saturday's session. Al-Aleem said current prices could undercut investment in future projects and were not good for either producers or consumers. The recent price drop has left OPEC price hawks Venezuela and Iran clamoring for further reductions of at least 1 million barrels a day. Both countries need crude at about $90 per barrel to meet spending needs aimed in part at propping up domestically unpopular regimes. Other OPEC members, such as Nigeria and Ecuador, face budget problems too, making them reluctant to implement more cuts that might shrink revenue further. The Saudis are better positioned to cope with the drop in prices. The International Monetary Fund estimates Riyadh needs crude in the range of about $50 per barrel for 2008 fiscal accounts to break even. The statements by the king, however, indicate that normally dovish Saudi Arabia is ready to see the price rise, indicating cuts will eventually take place. OPEC itself, along with the International Energy Agency, has significantly revised down its projections for demand growth in 2009. Meanwhile, global crude inventories are growing, as evidenced by a U.S. government report showing a surprisingly large 7 million barrel build in stocks last week in the world's largest energy consumer. OPEC's last round of cuts would put its total production at about 30.5 million barrels per day, according to the IEA. That is about 500,000 barrels per day higher than the forecast call on OPEC crude in much of 2009. A Nov. 24 New York-based Oppenheimer & Co. research report says that for oil to rebound to $65 a barrel, OPEC would need to cut crude production by more than 3 million barrels per day from its September levels _ a move it called highly unlikely. ___ Associated Press Writer Hadeel al-Shalchi contributed to this report. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike OPEC holds current output, hints at December cutAFP - Sunday, November 30 OPEC freezes crude output quotaAFP - Sunday, November 30 AP NewsAlertAP - Sunday, November 30 Saudi king says oil should be $75 per barrelAP - Sunday, November 30 Related Articles: Business U.S. Black Friday Web sales jump; gadgets popularReuters - 1 hour 28 minutes ago U.S. holiday sales get off to slow startReuters - 1 hour 45 minutes ago Puerto Rico bus drivers seek $30 mln in back payAP - 2 hours 53 minutes ago International call for action to aid poorer nationsAFP - 2 hours 58 minutes ago Thai protesters attack police cordon near airportAP - Sunday, November 30 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed World's oldest person dies at 115 years Love handles increase death risk: study Michael Jackson strikes 'amicable' deal with Arab sheikh Saudi king says 75 dollar oil price 'fair' Bomber strikes Shiite mosque after Iraq approves US pact View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Saturday, 29 November 2008
Chinese business delegations depart from Mumbai
A worried Mumbai tries to recover from fatal siege
A look at major attacks in India since 1993
SMA, WDA, Ngee Ann Polytechnic ink agreement on media training centre
Suspected US missile strike kills 2 in NW Pakistan
Jailed Hamas official has kidney stone removed
UN says 2 dead in attack near its Iraq compound
Russia imposes blackout on contested army reform: report
Hamas claims mortar attack on Israeli army base
World Bank presses aid to developing world to ease crisis
Iran blames West for global crisis | International |
WITNESS: Black Cats prowl Taj as gunfight ends Mumbai siege | International |
Suspected U.S. strike kills 2 in Pakistan | International |
Ex-Taliban spokesman killed in Afghanistan | International |
Nigerian army intervenes to end clashes in city | International |
Pakistan U-turns on sending spy chief to India
Police kill hostage-taker in China store | International |
Body of Singaporean killed in Mumbai expected back Sunday morning
UN, EC call for global stimulus at development meet
Zimbabwe offers free graves as cholera spreads | International |
Man with knife attacks Chinese Carrefour outlet
Singaporeans mourn the tragic death of Lo Hwei Yen
Main Bangkok airport closed at least until Monday
Police kill hostage-taking knifeman in Chinese supermarket: state media
FACTBOX-The plans and tactics of the Mumbai attackers
Saudi king says oil should be $75 per barrel
China: Sarkozy-Dalai Lama meeting threatens trade
Martial arts experts hope more people will take up the sport
Pakistan holds crisis talks after Mumbai atrocity
Indian forces kill last gunmen in Mumbai
Sri Lanka: 7 killed, 98,000 displaced by floods
Police flee checkpoint after protesters attack
UN says Bangladesh polls appear on right track
Pakistan pledges action on any group involved in Mumbai attacks
Sri Lanka: 4 killed, 71,000 displaced by floods
Travellers stranded in Bangkok returning to S’pore on rescue flights
Pakistan president warns India not to over-react
Sydney Opera House architect Joern Utzon dies
A look at confirmed foreigner deaths in Mumbai
Bridge linking Stadium Crescent and Tanjung Rhu to open on Sunday
Sri Lanka: Air force bombs rebel positions
Indian forces kill last gunmen in Mumbai; 195 dead
New media education & training centre to set up for working adults
100,000 stranded in Thailand after airports shut
All Blacks down England to seal rugby grand slam
Thai protesters attack police cordon near airport
RugbyU: Wales scalp Australia in rare win
Mumbai terror rage ends after 60 hours, 195 dead
Grenade wounds 46 protesters at Thai PM's office: emergency services
Official: Explosion at Thai protest site wounds 33
Dr Yaacob Ibrahim extends condolences to family of Lo Hwei Yen
Pakistan U-turns on sending spy chief to India
Barenboim debuts "Tristan" with passion, fatalism
India ends Mumbai rampage after 60 hours, 195 dead
India terror begins with corpses on train platform
Japan should acknowledge 'comfort women' pain: British MPs
India terror begins with corpses on train platform
Child in US custody fight adjusts to new country
Gaza incursion becoming more likely: Israel
US training Iraqis to defeat deadly roadside bombs
Ex-hostage Ingrid Betancourt returns to Colombia
At least 200 killed in clashes in Nigeria | International |
Iraq's top Shiite cleric has concerns over US pact
OPEC freezes crude output quota
Iraqis find 33 bodies beneath former Al-Qaeda 'court'
Betancourt on first visit to Colombia since rescue | International |
At least 381 dead after Nigeria clashes: witness
Report: Iran court upholds stoning death sentence
Congo rebel chief says war if no talks with government | International |
WITNESS: In the wreckage of Mumbai's Trident hotel | International |
WTO chief says expects ministerial decision next week | International |
80 whales stranded in Australia
Settlers clash with Palestinians in WBank city | International |
Iraq, US push for quick implemenation of forces deal
Obama buzz felt at global climate talks
Sydney Opera House to darken in mourning
Thai protesters attack police cordon near airport
Iraqi army finds 30 bodies in shallow graves | International |
More S’poreans trying out farmstay resort at Lim Chu Kang
80 whales stranded on rocks in Tasmania
Germany plans lab tests for airport naked scans | Technology |
First black box recovered from French jet crash
OPEC freezes crude output quota
Bush pledges full American support as India investigates attacks
OPEC ends Cairo meeting without new output cuts
Dutch cafe owners rally against smoking ban
PR actress Roselyn Sanchez marries Eric Winter
Live Earth concert in Mumbai cancelled: organisers
Crinolines -- for the well-dressed woman in a hurry
'Christmas Story' fans celebrate film's 25th year
Attacks push India and Pakistan into deep water: analysts
India ends Mumbai rampage after 60 hours, 195 dead
Australia mourns 'genius' Sydney Opera House designer
Greenland sees education as key to independence
India's Jews stunned by Mumbai attack
Protest blasts wound dozens as Thai tensions rise
Defiant Mumbai vows: 'The Taj will rise again'
UN says Bangladesh polls appear on right track
Israel keeps Gaza borders sealed
British soldiers shoot Afghan policeman dead: military
Indian anger rises as Mumbai cleans up | International |
Thai grenade attack stokes tension ahead of rally | International |
Endeavour set to land in Florida, weather permitting
Hundreds of South Koreans leave North before clampdown | International |
World AIDS Day highlights big challenges 20 years on
Endeavour set to land in Florida, weather permitting
China's richest man thrown into spotlight amid probe | International |
Singapore's Lee Kuan Yew recovering after surgery
US military deaths in Iraq war at 4,206
Aide: India's home minister offers to resign
SKorea's Hyundai Motor cuts domestic production
Citigroup to sell trust banking unit in Japan: reports
150 whales die in stranding in Australia
Indian home minister resigns: source
Chinese leader says China losing competitive edge
Report: Citigroup to sell Japan trust banking unit
NZealand air force to monitor Japanese whalers: defence minister
Taiwanese motorcyclists mark AIDS Day
Britain readies new measures as UN steers aid to poor nations
NATO kills Afghan policeman driving at patrol
OPEC braces for tough times as global recession bites
OPEC braces for tough times as global recession bites
T.I. fends off Beyonce | Entertainment |
Sri Lanka resumes advance on rebel HQ
China losing competitive edge amid crisis: President Hu
Mumbai attacks chill India economic prospects: analysts
Belgian TV news crew beaten in China | Entertainment |
Thai protests crushing for tourism, business, economy: experts
33 protesters wounded in Bangkok explosion
Sydney Opera House to darken in mourning
In the kitchen with France's sole three-star woman chef
Bohemian New Yorkers make art sexy again
Indonesia's vast Papua in the grip of Asia's worst AIDS crisis
'Europe's last dictatorship' gets Western PR makeover
80 whales die in stranding in Australia
300 Chinese cab drivers hold strike in south China
India ends Mumbai rampage after 60 hours, 174 dead
Chaos reigns at Thailand's tourist airlift
India probes Pakistan links to Mumbai attacks
British actor arrested after escaping real life Mumbai horror
72 whales die in mass stranding in Australia: official
China may legalize horse betting: state media
51 protesters wounded in Bangkok explosions
ASEAN summit could be put back to March: Thai foreign minister
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01