Opec set to leave output target steady
Vienna, December 12, 2012
Opec oil ministers' meeting in Vienna on Wednesday is expected to hold production limits steady despite forecasts for a fall in demand in the first half of 2013.
Ministers gather at 1000 (0900 GMT) for a scheduled two-hour meeting that is expected to wrap up at 1200.
Expectations are that the Organization of the Petroleum Exporting Countries will retain a production target at 30 million barrels a day for the first six months of next year.
Libya's new oil minister Abdelbari Al-Arusi, arriving late on Wednesday, was the latest to back no change in policy, saying
"we're happy with production."
That may mean world oil inventories climb, putting pressure on oil prices now near $108 a barrel.
Opec is forecasting demand for its crude at 29.25 million bpd in the first half compared to actual supply now from the 12-member group of 30.8 million.
Ministers are not expected to resolve a stalemate over to elect as the group's new secretary-general. Libya's Abdullah Al-Badri is likely to be asked to stay in the post for another six months. - Reuters