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Kuwait: OPEC not expected to change output next month

Nov. 13, 2013 10:08 P.M. (Updated: Nov. 13, 2013 10:08 P.M.)
KUWAIT CITY (AFP) -- Kuwait Oil Minister Mustafa al-Shamali said Wednesday that he does not expect the OPEC oil cartel to change production at its next ministerial meeting in December.

"I don't expect it to be changed because the production till now goes with the needs of consumers and that's enough," Shamali told reporters outside parliament.

"I think it won't be changed," he said, but added that the decision will ultimately depend on a review of statistics by ministers of the 12-member Organization of the Petroleum Exporting Countries at the meeting in Vienna meeting early next month.

The Kuwaiti minister also said the Gulf state was pumping around 2.9 million barrels per day but has a production capacity of 3.2 million bpd.

OPEC on Tuesday increased its forecast for oil demand growth in 2013 on expectations of better-than-expected improvement in developed country economies.

It said in its November monthly report that demand would average 89.78 million barrels per day (mbpd) in 2013, a slight 0.04 mbpd increase from last month's forecast.

OPEC, pumping about 35 percent of the world's oil supply, however held its forecast for demand growth in 2014 at 1.04 mbpd, with total demand expected to reach 90.78 mbpd next year.

Oil prices rebounded in Asia Wednesday as traders pounced after sharp falls the previous day on forecasts of surging production in the United States.

New York's main contract, West Texas Intermediate (WTI) for December delivery, was up 10 cents at $93.14 a barrel in afternoon trade, while Brent North Sea crude for December gained 29 cents to $106.10.

WTI tumbled $2.10 in New York and Brent eased 59 cents after the International Energy Agency forecast the United States would become the world's top oil producer by 2015 thanks to booming shale oil output.

The Kuwaiti minister also said the Gulf state was pumping around 2.9 mbpd but has a production capacity of 3.2 mbpd.

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