Connecting intelligence with intelligence

×
×
Advertisement

Jun 12 2012

UPDATE: OPEC Panel Report Sees "Need To Closely Monitor" Market

Tuesday, Jun 12, 2012

(Adds figures on spare capacity in last paragraph.)

By Summer Said

A key OPEC panel report Tuesday said that OPEC needs to closely monitor the global energy market in light of economic weakness.

"Great uncertainties underscore the need to closely monitor the market and the global economic deceleration," said the report by OPEC's Ministerial Monitoring Sub-Committee, a key advisory panel.

The report comes as the Organization of Petroleum Exporting Countries prepares to meet Thursday for the first time since December. The meeting comes amid weaker oil prices that have led some members to call for Gulf producers to cut back output.

The MMC report did not offer a recommendation on production policy.

Participants who attended the MMC meeting Tuesday expect OPEC to keep policy unchanged, according to two delegates attended the gathering.

"Overall stocks are on the rise in OECD and other regions," said the report, which was seen by Dow Jones Newswires.

The MMC report also said that OPEC's total spare capacity stands at 3.3 million barrels a day, slightly more than the 3.1 million barrels a day estimated by the International Energy Agency, the watchdog for consuming countries.

-Write to Summer Said at summer.said@dowjones.com

(James Herron contributed to this report)

(END) Dow Jones Newswires

12-06-12 2045GMT


© Copyright Zawya. All Rights Reserved.


Be the first to comment

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X