Gulf members of the Organization of Petroleum Exporting Countries, led by Saudi Arabia, would like to see oil prices stabilize around $100 a barrel as high prices could slow down economic growth and hit demand, Gulf OPEC delegates said Monday.
Gulf members of the Organization of Petroleum Exporting Countries, led
by Saudi Arabia, would like to see oil prices stabilize around $100 a barrel as
high prices could slow down economic growth and hit demand, Gulf OPEC delegates
said Monday.
"There is a consensus now between Gulf countries and in fact some non-Gulf
members of the Organization of Petroleum Exporting Countries that $100 a barrel
is a suitable price for both producers and consumers," a delegate from one
Gulf country said.
"We know if prices are too high they will affect everyone," the
delegate said.
The price of a barrel of Brent--the most widely used benchmark globally--rose
near $117 a barrel mid-September and remained above $100 Monday. At 1600 GMT,
it stood at $109.50 a barrel, down $1.92.
Saudi oil minister Ali al-Naimi said earlier this month that the world's top
oil exporter is concerned about oil price levels given that they aren't being
caused by supply shortages and that the Gulf state will take all necessary
steps to moderate them.
This was the first time Mr. Naimi had spoken publicly since OPEC in June agreed
to maintain its existing oil-production ceiling and pledged to rein in
overproduction, after some members complained that a glut of oil caused by
higher output from
Saudi Arabia
and
other Gulf countries could lead to a price crash.
Mr. Naimi has previously said he considered $100 a barrel to be the ideal price
for Brent to balance the needs of consumers and producers. He stressed Monday
that the Arab world's largest economy will continue to work with other Gulf
countries and OPEC to defend the stability of the oil market.
"Gulf countries led by the Saudis have said the price above $100 doesn't
reflect fundamentals; $100 is the most acceptable," a delegate from
another Gulf country said.
A senior Gulf source said that
Saudi
Arabia
was producing around 10
million barrels per day last week in an attempt to lower oil prices. The source
declined to say how much the kingdom was currently producing or selling to its
customers.
High Saudi output helps keep oil prices down, benefiting fragile economies in
the
U.S.
and
Europe
,
which rely on the kingdom to keep up supply as they implement sanctions
intended to press
Iran
over
its nuclear program.
Other Gulf countries have also increased their output in recent months
following calls by the
U.S.
and
other governments to make up for displaced Iranian barrels in anticipation of
sanctions.
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