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No need for change in Opec policy, says source

Dubai, September 13, 2010

The Organization of the Petroleum Exporting Countries (Opec) has no need to alter oil output policy at an upcoming meeting in October as prices are in an acceptable range, a Gulf industry source told Reuters on Monday.

'Cutting production is out of the question as prices are in the $70-75 range and don't seem to be increasing,' said the source, adding any output increase was also unnecessary. 'What we can ask for is better compliance from countries.'

Opec's compliance with implied output curbs has sunk to just above 50 per cent.

The organization meets to reassess output policy in Vienna on October 14.

It has had a quiet year in 2010, so far meeting only in March and making no change to its output policy, while oil has largely traded within a zone of $70 to $80 a barrel, which Opec members have said is acceptable for producers and consumers.-Reuters




Tags: Opec policy |

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