The Organization of Petroleum Exporting Countries, producer of about 40 percent of the world’s oil supply, remains undecided about whether to change output quotas at a meeting next month, Ecuador’s oil minister said.
Ecuador, the smallest-producer in OPEC, is considering what it will propose at the Dec. 4 meeting in Vienna, Pedro Merizalde, minister for non-renewable natural resources, said in an interview today in Quito. “It hasn’t been decided yet,” said Merizalde, who took office in April and will represent Ecuador at the meeting.
OPEC’s research department said yesterday that global oil markets are “well-supplied.” Oil ministers from Iraq and Angola have said they don’t see a need to change the collective production target of 30 million barrels a day, set in December 2011. Brent oil prices have averaged $108.48 a barrel this year, down 2.9 percent from 2012.
The other members of the group are Algeria, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.