Archive for the ‘Chakib Khelil’ Category

Opec talks push oil prices higher

October 29, 2008

Global oil prices have risen on growing expectations that producers’ cartel Opec will vote to cut production.

US light crude was up $2.09 at $73.94 a barrel, with Brent up $2 at $71.62, ahead of Opec’s meeting on Friday.

Fears of a global economic slowdown have pushed oil prices down by half since July’s all-time highs.

Gulf of Mexico oil rig

Opec is meeting in Vienna on Friday

A number of Opec members, including Algeria, Iran and Venezuela, have already said they would like to see output cut to help shore up prices.

Growth risks

Opec’s meeting has been brought forward by three weeks in response to the recent fall in oil prices.

Algeria’s energy minister and Opec president Chakib Khelil said he expected the organisation to announce “substantial” output cuts.

Most oil analysts are now in agreement, with Merrill Lynch estimating that production could be cut by one million barrels per day.

Energy consultancy CGES says Opec will argue that it has to cut production to prevent a further “price collapse”.

Read the rest:
http://news.bbc.co.uk/2/hi/business/7680671.stm

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OPEC Ponders Price Rise, Production Cut

October 23, 2008

VIENNA (AFP) – OPEC President Chakib Khelil said Thursday that the oil producers’ cartel will decide to cut production at an emergency meeting due in Vienna but was wary of worsening a global financial crisis.

Chart showing the price of New York light sweet crude from January ... 

“We are going to reduce (output on Friday). By how much? We don’t know. This is something we are going to decide tomorrow,” Khelil, who is also the energy minister of OPEC member Algeria, told reporters in Vienna.

“It’s a concern that we could make the financial crisis worse by taking too strong a reduction,” said Khelil, adding however that the decision “should not impact the world economy which is already in pretty bad shape.”

Iran — OPEC’s second biggest oil exporter — and Libya both called for a reduction of two million barrels per day, while Venezuela said there should be a cut of at least one million barrels.

British Prime Minister Gordon Brown recently said that any reduction made in a bid to push up oil prices would be “scandalous” at a time when major economies are close to recession.

The price of New York oil dived Thursday to a 16-month low, as recession fears stoked concerns about falling crude demand, traders said.

New York’s main contract, light sweet crude for December delivery, sank as low as 65.90 dollars per barrel — a level last seen on June 13, 2007.

Crude futures in New York and London have plunged 56 percent from record highs of above 147 dollars a barrel reached only three months ago when supply concerns sent prices soaring.

“The market focus today (Thursday) and particularly tomorrow will be on the OPEC emergency meeting,” said analysts at Barclays Capital in London.

“Indicating the inevitability of a substantial cut, Chakib Khelil, the OPEC president, commented yesterday that ‘the stocks are very high… some of us are not able to sell the crude.'”

The Organization of Petroleum Exporting Countries produces 40 percent of the world’s oil and its official output quota stands at 28.8 million barrels per day.

Saudi Oil Minister Ali al-Nuaimi refused to be drawn on talk of a scaling-back to output as he arrived in the Austrian capital on Thursday.

However Libya’s Oil Minister Shukri Ghanem told reporters that “a huge cut” of “two million barrels” was required to create a balance between supply and demand.

Venezuelan Energy Minister Rafael Ramirez said there should be a cut of at least one million barrels. Ramirez added that he believed there was a consensus among OPEC’s 12 members for a cut.

OPEC’s Gulf state members led by Saudi Arabia, the world’s biggest oil exporter, are expected to oppose a reduction of more than one million barrels, analysts said on Thursday.

Read the rest:
http://news.yahoo.com/s/afp/20081023
/bs_afp/opeccommoditiesoilprice

Oil soars to record above $117

April 21, 2008

By Ikuko Kao

LONDON (Reuters) – Crude oil prices surged above $117, setting a new record high on Monday because of worries of supply disruptions from major producers and comments by OPEC reiterating there is no need to raise output.

U.S. light crude struck a record high of $117.40 a barrel. It was trading 27 cents higher at $116.96 by 1155 GMT (7:55 a.m. EDT).

File photo shows an aerial view of new oil platforms P-52 for ...
File photo shows an aerial view of new oil platforms P-52 for the oil company Petrobas at Campos basin in Rio de Janeiro, 28 November, 2007.(Bruno Domingos/Reuters)

London Brent crude also struck its all time peak of $114.65. It was trading at $114.20, up by 28 cents.

The Organisation of the Petroleum Exporting Countries (OPEC) sees no need to raise oil production to counter high oil prices, the group’s president Chakib Khelil said on Sunday.

His remark was followed by Iranian oil minister Gholamhossein Nozari, who said on Monday oil prices were not too high in real terms.

“OPEC’s assertion that an increase in its oil production will not help to bring down prices should be put to the test,” the Centre for Global Energy Studies said in a research note.

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http://news.yahoo.com/s/nm/20080421/bs_nm/markets_oil_dc;_ylt=
AgIP06EfqKIHJBMCg4mNjQqs0NUE