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Latest News

No need for OPEC meet unless oil rally lasts-delegate

Brent crude climbed above $98 a barrel on Thursday.


January 13, 2011 4:11 by

OPEC will only hold an emergency meeting if oil climbs above $100 a barrel and stays at that level, a Gulf delegate said on Thursday.

Brent crude  climbed above $98 a barrel on Thursday, but a second Gulf delegate said the price strength would probably not last and customers were not asking for extra oil.

“OPEC will only have an extraordinary meeting if oil prices exceed $100 and stay there, we don’t want the market to panic,” the first delegate told Reuters.

“And if the prices reach $100 and we see that there is a need of supply from our customers Gulf countries will start producing above their quotas, but this has not happened yet.”

(Reporting by Amena Bakr, editing by Alex Lawler)


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