OPEC sits tight before oil output meeting

OPEC maintained Tuesday its oil demand growth forecasts ahead of a meeting to discuss output levels and pick a new secretary-general for the cartel that pumps out more than a third of the world's crude.

While the Organization of Petroleum Exporting Countries was expected to hold its oil production ceiling at 30 million barrels per day (mbpd) in Vienna on Wednesday, there was uncertainty over who would become the group's new administrative head.

The world's biggest oil exporter Saudi Arabia was battling against Iraq and political foe Iran to succeed Libya's Abdullah El-Badri, who as OPEC secretary general for the past six years has steered the cartel through the financial crisis.

A vote to pick his successor was postponed in June after OPEC failed to reach the required unanimous decision. Another delay could see El-Badri stay on beyond the maximum of two, three-year terms, analysts said.

The oil ministers of Kuwait and Venezuela were not attending Wednesday's meeting because of political events in their countries, while it was not known if the absences would affect the outcome of the secretary-general vote.

Asked if OPEC would decide on a new secretary-general at the ministerial meeting in Vienna, home to the cartel's headquarters, Saudi Oil Minister Ali al-Naimi simply told reporters: "Maybe."

UAE Energy Minister Mohammad bin Dhaen al-Hamli added: "I hope we will solve this issue tomorrow."

Hamli meanwhile insisted that there was "no need to do anything" over OPEC's current oil production levels. Iran's Oil Minister Rostam Qasemi added to the expectation of there being no change, stating that crude supply and demand was "relatively balanced" and that "prices are okay."

OPEC is said by analysts to be producing about one million oil barrels above its official daily ceiling, as Saudi Arabia compensates for lost Iranian output caused by a Western embargo on the Islamic Republic, and as other nations look to maximise profits while oil prices remain high.

World oil prices rose Tuesday on expectations of fresh stimulus measures from the Federal Reserve to perk up the struggling US economy, traders said, with benchmark Brent North Sea crude adding 70 cents to $108.07 a barrel.

An expected drop in oil demand next year risks dampening crude prices despite a background of Middle Eastern unrest, notably over Iran's disputed nuclear programme.

OPEC on Tuesday kept its forecast for growth in world oil demand unchanged for this year and next. World oil demand was expected to reach 88.80 mbpd in 2012, up from 88.04 mbpd in 2011, the dozen-member cartel said in its monthly report.

Next year, global demand was set to grow to 89.57 mbpd, it forecast.

OPEC, which pumps 35 percent of the world's oil, said much of its demand growth this year came from Japan, which has turned to oil after shutting down nuclear power plants in the wake of the Fukushima disaster in 2011.

Massive power outages in India in the summer also helped growth there, even as members of the OECD club of industrialised nations and China saw weak economic growth that pushed down oil demand.

For 2013, OPEC was more optimistic, citing an improving economy in the United States and a potential return to growth in the eurozone, "although this might prove challenging."

As for oil production, Iran -- OPEC's second largest producer last year after Saudi Arabia -- appeared to be feeling the impact of international economic sanctions imposed over its suspected nuclear weapons drive.

In the third quarter of 2012, after an EU oil embargo took effect on July 1, Iranian crude production sank to 2.73 mbpd, from 3.09 mbpd in the second quarter and 3.39 mbpd in the first, OPEC said citing secondary sources.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • US stocks flat as oil shares pressured AFP - 8 minutes ago

    Petroleum-linked shares retreated Wednesday ahead of a US oil inventory report as Wall Street stocks opened little-changed in sluggish trade. Shares of Dow members ExxonMobil and Chevron dipped with oil ... … More »

  • Markets Right Now: US stocks open lower Associated Press - 8 minutes ago

    The latest on developments in global financial markets (all times local): 9:35 a.m. Stocks are opening slightly lower on Wall Street as the market gives back a modest gain from the day before. Mining and ... … More »

  • Wall Street opens little changed as investors eye Fed
    Wall Street opens little changed as investors eye Fed Reuters - 18 minutes ago

    REUTERS - U.S. stocks were little changed at the open on Wednesday as investors kept up their wait for Federal Reserve Chair Janet Yellen's speech on Friday for clues on the timing of an interest rate ... … More »

  • Iran yet to decide on OPEC limits: ministry source AFP - 29 minutes ago

    Iran has yet to take any decision on whether to set a ceiling on oil production or take part in a planned OPEC meeting in Algeria, an oil ministry source told AFP Wednesday. "It is too early to talk ... … More »

  • Cnooc Posts 1st Half-Year Loss on Canadian Oil Sands Charge (3) Bloomberg - 53 minutes ago

    Prices have whipsawed this year, flipping five times between bear and bull markets, as production from nations outside the Organization of Petroleum Exporting Countries, including China and the U.S., declines in the wake of a price crash that began … More »

  • EU warns Greece statistics row 'dangerous' for bailout Reuters - 1 hour 18 minutes ago

    BRUSSELS/ATHENS (Reuters) - The European Union called on Greece on Wednesday to quash what Brussels said were false accusations the Greek statistics agency rigged data to help foreign creditors and warned that the row posed risks to Athens' current … More »

  • Glencore’s Worst Profit Shows Miners Still Reeling From Crisis Bloomberg - 1 hour 19 minutes ago

    Weak raw-material prices caused profit at the commodities giant to plunge 66 percent in the first half to $300 million. The shares slumped as much as 6 percent in London, the most in two months, even as Glencore promised to cut debt even further … More »

  • New trade deal with Britain may take time, Norwegian minister says Reuters - 1 hour 43 minutes ago

    Norway wants to maintain a good relationship with Britain after it leaves the European Union but it may take a long time for a new trade agreement to be established, the EU affairs minister in Oslo said on Wednesday. Elisabeth Aspaker told a … More »

  • Qatari state fund buys stake in NY's Empire State Building
    Qatari state fund buys stake in NY's Empire State Building Associated Press - 1 hour 45 minutes ago

    Qatar's sovereign wealth fund has made an iconic purchase in America — a stake in the company that owns New York's Empire State Building. The $622-million purchase by the Qatar Investment Authority comes ... … More »

  • European stocks rebound as euro slips, U.S. curve flattens
    European stocks rebound as euro slips, U.S. curve flattens Reuters - 1 hour 48 minutes ago

    European stocks edged towards consecutive daily gains for the first time in three weeks on Wednesday, drawing support from a weak euro as investors moved to price in a U.S. interest rate rise, boosting the dollar. The earlier mood was more … More »

  • WPP sees signs of post-Brexit recovery in British ad market
    WPP sees signs of post-Brexit recovery in British ad market Reuters - 1 hour 51 minutes ago

    WPP (WPP.L), the world's largest advertising group, reported a better than expected jump in first-half net sales and said its British operations showed signs in July of a "post-Brexit recovery", sending its shares to a record high. Run by … More »

  • Gold steady as investors await U.S. rate clues
    Gold steady as investors await U.S. rate clues Reuters - 1 hour 52 minutes ago

    Gold held steady on Wednesday as investors took to the sidelines ahead of a speech by Federal Reserve Chair Janet Yellen this weekend which will be closely watched for further clues on U.S. interest rate policy. Yellen is scheduled to address a … More »

  • Exclusive - German ratings firm Scope seeks ECB recognition Reuters - 1 hour 52 minutes ago

    German rating firm Scope says it is in talks to become one of the European Central Bank's recognised sovereign credit agencies, though tough requirements mean the process could take at least three years. Scope would become the first agency based in … More »

  • Oil prices drop as market tracks US supplies AFP - 1 hour 53 minutes ago

    Oil prices fell Wednesday, with Brent stuck below $50, after data showed an increase in US crude stockpiles, adding to supply glut concerns. Data from the American Petroleum Institute (API) Tuesday showed ... … More »

  • U.S. oil falls 2 percent on surprise build in crude stocks
    U.S. oil falls 2 percent on surprise build in crude stocks Reuters - 1 hour 57 minutes ago

    U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years. Industry data from the American Petroleum Institute (API) … More »

  • U.S. oil falls 2 pct on surprise build in crude stocks
    U.S. oil falls 2 pct on surprise build in crude stocks Reuters - 2 hours 4 minutes ago

    U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years. Industry data from the American Petroleum Institute (API) … More »

  • Buba's Dombret says eyes LSE-Deutsche Boerse merger with some concern Reuters - 2 hours 22 minutes ago

    Bundesbank board member Andreas Dombret said he was concerned the planned $29 billion (21.89 billion pounds) merger between German exchange operator Deutsche Boerse and the London Stock Exchange may raise systemic risks in derivatives clearing. … More »

  • PetroChina profit almost wiped out in first half
    PetroChina profit almost wiped out in first half AFP News - 2 hours 27 minutes ago

    China’s biggest oil producer PetroChina's net profit plunged 97.9 percent in the first half of this year, it said Wednesday, as it struggled with a weak domestic economy and low oil prices. Net profit was 531 million yuan ($79.9 million) in the … More »

  • European equities mainly rise on German GDP
    European equities mainly rise on German GDP AFP News - 2 hours 29 minutes ago

    European stock markets mostly rose on Wednesday, shrugging off a largely downbeat session in Asia, with sentiment partly lifted by German economic growth data. Strong foreign trade and buoyant consumption drove Germany's economy, Europe's largest, … More »

  • Malaysian oil service provider Perisai in talks with bondholders Reuters - 2 hours 36 minutes ago

    Malaysian oil and gas service provider Perisai Petroleum Teknologi on Wednesday said it has started talks with holders of its S$125 million ($92.36 million) bond maturing on Oct. 3. Perisai said its interest cover ratio had fallen below the … More »

  • Angry Birds maker Rovio turns a profit, plans movie sequel
    Angry Birds maker Rovio turns a profit, plans movie sequel Reuters - 2 hours 37 minutes ago

    Finnish mobile game and animation maker Rovio Entertainment Ltd said on Wednesday it made a profit in the first half of the year and was planning a sequel to its successful Angry Birds Movie. Rovio's adjusted operating profit in the first six … More »

  • Philippines' Duterte says willing to allow online gambling resumption Reuters - 2 hours 39 minutes ago

    Philippine President Rodrigo Duterte said on Wednesday he's willing to allow a resumption of online gambling in the Southeast Asian nation if correct taxes are paid and gaming parlours are far from schools and churches. The new president added … More »

  • German banks right to charge for accounts - Bundesbank's Dombret Reuters - 2 hours 48 minutes ago

    German banks are right to consider current account fees to counter low central bank rates, but an outright charge on deposits, as pioneered by a few lenders, is unlikely to become common, Bundesbank board member Andreas Dombret told Reuters. While … More »

  • EU, Portugal agree on recapitalisation for bank CGD Reuters - 3 hours ago

    The European Commission said it had reached an agreement in principle with Portugal over the recapitalisation on market terms of Portuguese state-owned bank Caixa Geral de Depositos - the country's largest lender. Under the terms of the deal, … More »

  • EU says Greek debt statistics not manipulated in 2010-2015
    EU says Greek debt statistics not manipulated in 2010-2015 Reuters - 3 hours ago

    The European Union's Employment Commissioner Marianne Thyssen said on Wednesday the Greek statistics office did not manipulate data on the country's debt in 2010-2015 and that she had sent a letter to Athens asking it to refute any such suggestions. … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.1290.0000.00%
    N21.SI
    0.250.00-1.96%
    5ME.SI
    0.60+0.04+6.57%
    5TP.SI
    0.99-0.02-1.98%
    Y92.SI
    0.156+0.007+4.70%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.06+22.45%
    T18.SI
    0.15+0.02+15.38%
    5TI.SI
    0.225+0.025+12.50%
    Y35.SI
    0.51+0.05+12.09%
    BHU.SI
    0.162+0.017+11.72%
    QS9.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.011-0.115-91.27%
    QF6.SI
    0.23-0.17-42.50%
    AWI.SI
    0.205-0.055-21.15%
    I06.SI
    0.45-0.10-18.18%
    BFK.SI
    0.385-0.085-18.09%
    E8Z.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3542+0.003+0.22%
    USDSGD=X
    1.5257-0.0013-0.09%
    EURSGD=X
    1.7943+0.0116+0.65%
    GBPSGD=X
    74.1120+0.0030.00%
    SGDJPY=X
    5.7238-0.0117-0.20%
    SGDHKD=X
    2.9829+0.0071+0.24%
    SGDMYR=X
    9,783.5176-33.1865-0.34%
    SGDIDR=X
    4.9142+0.0008+0.02%
    SGDCNY=X
    1.0326+0.0037+0.36%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,332.80-13.30-0.99%
    GCZ16.CMX
    18.64-0.28-1.49%
    SIU16.CMX
    101.11-2.78-2.68%
    ^XAU
    2.10-0.02-0.73%
    HGU16.CMX
    47.60-0.50-1.04%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.13-0.01
    ^FVX
    1.550.00
    ^TNX
    2.230.00
    ^TYX