OPEC: Maintain Oil Production Unchanged

Oil producing countries,OPEC, have reached a consensus to maintain crude oil production unchanged, Kuwait oil minister Sheikh Ahmad Abdullah al-Sabah said on Wednesday (9 / 9) night, ahead of a cartel meeting.

There is a consensus to maintain stable production, as widely expected by the ministers of the Organization of Petroleum Exporting Countries (OPEC), said Sheikh Ahmad told reporters.

OPEC, whose 12 members are pumping 40 per cent of the world's oil, agreed at the end of 2008 to remove 4.2 million barrels per day of oil production in the market.

Oil Price Stable at Around US$ 71

The price of crude oil in the world's major markets continues to strengthen along with the weakening of the dollar United States (U.S.). In addition, along with the continued rally in the stock market, oil market participants are optimistic that the global economic recovery begins to be effective.

In a transaction in NYMEX exchange , New York, Wednesday afternoon local time (Thursday morning GMT), the price of light sweet crude for October contract rose 21 cents to the position of U.S. $ 71.31 per barrel. On the London ICE exchange, the price of Brent oil for October contract rose 41 cents to as low as U.S. $ 69.83 per barrel.

Oil Price Rises to Near US$ 73/Barrel

The price of crude oil in the world's major markets continue to strengthen to near US$ 73/barrel. Through the exchange of electronic transactions in NYMEX, New York, Bangkok time Friday afternoon, the price of light sweet crude for October contract rose 38 cents to US$ 72.89 per barrel.

In the previous transaction, the price of oil rose US$ 1.06 to US$ 72.49 / barrel, even at the beginning of the week could approach US$ 75/barel. While in London ICE exchange, the price of Brent oil rose 17 cents to US$ 72.50 / barrel.

According to analysts, the rising oil price is triggered by the decline in the dollar exchange rate in the last few days. However, the increase is predicted difficult to continue, at least until early next week, given the decline in natural gas prices in the US to the lowest level in seven years

Oil Price Fell

Crude oil price has been stressed back to the range of USD71 level per barrel in trading Wednesday (26/8/2009) local time, along with the United States government reports (U.S.) on the increasing amount of supply last week. This is considered as a sign of weakening demand.

As quoted by Reuters on Thursday (27/8/2009), the reference price of oil for october delivery contract fell 62 cents to as low as US$ 71, 43 per barrel in the New York Mercantile Exchange (NYMEX) trading. While in London, the price of Brent crude fell 17 cents to US$ 71, 65 per barrel.

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