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  • » 06/09/2011, 00.00


    Rise in oil prices after OPEC disagreements

    Venezuela and Iran oppose the Saudi Arabian proposal to increase production by 1.5 million barrels per day. Collapse of prices feared. Gaddafi representative attends meeting and ensures the usual annual production.

    Hong Kong (AsiaNews / Agencies) - Oil prices rose to over 101 dollars a barrel after OPEC decided not to increase production. Yesterday at a meeting in Vienna that lasted over five hours, six members of OPEC (Organization of Petroleum Exporting countries) refused to accede to the Saudi Arabian proposal to increase production of crude oil. 20 minutes later the price of oil on the New York Stock Exchange rose by 2.7%.

    Saudi Arabia (the world's largest producer in OPEC), along with Kuwait, Qatar and UAE had proposed an increase in production by 1.5 million barrels per day. But Iran and Venezuela have rejected for fear of a "collapse" in prices. It is the first time in 20 years that OPEC members have not reached agreement.

    In addition to Iran and Venezuela, also Ecuador, Algeria, Angola and Libya have opposed the Saudi proposal. A low oil price is very important to reduce inflation in western countries. But the oil countries are worried about their economies affected by high food prices, which could drop their nations in a situation similar to that of Tunisia and Egypt.

    However, Riyadh intends to increase the production of 1.5-2 million barrels by the third quarter, despite the disagreement.

    The representative of Gaddafi said his country will honour the contracts already signed. But according to estimates of economic agencies, the conflict in Libya is likely to affect production. Already at least 90% of exports have been cut.

    According to some analysts, by the end of the year the price of oil will reach 130 dollars.
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    See also

    11/12/2015 ASIA
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    18/04/2016 16:42:00 QATAR
    OPEC summit: Riyadh-Tehran row blocks deal on oil output

    The meeting in Doha, Qatar, ends in an impasse with production freeze put off to June. The failure is due to an Iranian-Saudi geopolitical row. Markets react with prices and shares falling. 

    08/06/2015 MIDDLE EAST
    Oil producing nations disregard OPEC targets, flood markets
    Iran, Iraq and Libya are ready to boost production. Saudi Arabia has already reached its highest output in 30 years. Executives of major oil companies plan to expand. This trend is bound to continue as OPEC members face stiff competition from non-OPEC producers.

    19/01/2005 ASIA
    Asia worries about rising oil prices
    China's low energy efficiency means that for every cent added to the price of oil, China's production costs rise three times more than those of the US. Saudi and Iranian interests diverge.

    21/04/2008 SAUDI ARABIA
    Saudi Arabia not to increase production more than forecast
    For oil consuming nations current OPEC output ought to increase by at least 11.5 million barrels a day by 2030. Riyadh says it will not go beyond what has been agreed to (from 9 to 12.5 million barrels); it denies its oil fields are over-exploited.

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