2013 different year for OPEC

WASHINGTON, Dec. 3 (UPI) -- OPEC ministers in Vienna are dealing with a market situation where there's more oil, not less, available to international consumers, a commodities analyst said.

Members of the Organization of Petroleum Exporting Countries meet Wednesday in Vienna. OPEC this year has been forced to react to supply disruptions in member state Libya as well as oil production gains from North America.


Edward Morse, head of global commodities research at Citigroup, told The Washington Post the cartel's leaders are expected to mull the geopolitical future of member states.

"Unlike a year ago, most of the issues in the market that are geopolitical in nature could lead to more oil, not less," he said in an interview published Monday. "You can't take any more Libyan oil off the market; you can only put it back on."

The International Energy Agency last year called on its member states to tap into their strategic reserves to compensate for supply disruptions from Libya, still recovering from civil war in 2011.

Iranian Oil Minister Bijan Zanganeh left Tuesday for Vienna to take part in the OPEC summit, Shana, the Iranian Oil Ministry's news website, reported. Iran has said it expects to play a larger role in the international oil markets following last month's nuclear deal in Geneva, Switzerland. Western governments, however, said sanctions targeting Iran's energy sector remain in force.


The IEA in November said OPEC ministers are expected to keep their production benchmark of 30 million barrels per day in place.

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