facebook
twitter
rss
account
search
search
 

Market instability troubles OPEC

Dec. 12, 2012 at 7:09 AM   |   Comments

VIENNA, Dec. 12 (UPI) -- Uncertainties in supply and demand forecasts from major world economies are clouding planning, the OPEC president said Wednesday from Vienna.

Ministers from the 12-member Organization of Petroleum Economies met in Vienna for the biannual conference. OPEC President and Iraqi Oil Minister Abdul Karim al-Luaibi said in his opening address there were fluctuations in oil prices that were the result of economic and geopolitical concerns.

Oil prices on the U.S. market this year topped $108 per barrel in the week ending March 2 in part due to geopolitical concerns over Iran. Uncertainty about the health of the global economy, however, pushed oil prices down to around $89 for last week.

"This drop has reflected mounting concern about the global economic slowdown, the pessimistic future demand outlook and significant stockbuilds of crude in the United States of America," said Luaibi.

Several oil ministers arriving in Vienna told Bloomberg News the current situation in the global markets was tolerable.

The price is OK for the moment, not too high but OK," Iranian Oil Minister Rostam Qasemi was quoted as saying.

Luaibi said investment strategies in the oil sector as complicated by a variety of economic concerns.

"Clearly there are many doubts about the market outlook today," he said. "Without market stability -- that is, sustainable market stability -- all parties will suffer, producers and consumers alike."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
3
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
4
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
5
Purpose-built engine for ScanEagle UAV delivered to Insitu Inc. Purpose-built engine for ScanEagle UAV delivered to Insitu Inc.
Trending News
Video
x
Feedback