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Ecuador says OPEC has not discussed March oil output change
Published on January 18, 2010 by oilprices · No CommentsOPEC has not discussed changing oil output targets for its March 2010 meeting, Germanico Pinto, Ecuador’s minister in charge of oil policy, said Friday. Asked by Reuters if a change in output was under consideration, Pinto responded: “We have not spoken about that possibility.” Ecuador has the rotating presidency this year of OPEC member countries.
EIA forecasts on world oil demand remained virtually unchanged and predicts rise in world oil demand at 1.4 million barrels a day – up to 86.3 million barrels in 2010. “Although Opec faces a global oil market that has firmed in response to its production cuts since last January, the strength and durability of the global economic recovery is still uncertain,” says the EIA. “We expect that annual average Opec crude oil production, which declined by almost 2.2 million bbl/d on average in 2009, will increase by an average of about 0.5 million bbl/d per year through 2011 as global oil demand recovers.”