OPEC ministers, meeting in Vienna on 31 May, rolled over their 30mn b/d output ceiling on the third consecutive occasion. A general sense of confidence pervaded the meeting with prices for the OPEC basket looking to register a third straight year at over $100/B.
“Let me tell you, this is the best environment for the market - supply is plentiful - demand is great - inventories in balance - what else do you want?” quipped Saudi oil minister Ali Naimi ahead of the meeting. Others echoed the sentiment. “Growth is good and the market is stable. There is no need for changes,” said Libyan oil minister ‘Abd al-Bari al-‘Arusi. For Angolan oil minister, Jose Maria Botelho de Vasconcelos: “The production is OK, the price is OK. It’s all OK.” (CONTINUED - 964 WORDS)