Ecuador’s Pinto says OPEC oil output to remain unchanged

Ecuador’s minister for oil policy Germanico Pinto said Tuesday that world oil prices should stay in a range between $70 and $80 for 2010 and OPEC has no need to change oil output policy at its March 2010 meeting.

Ecuador has the rotating presidency of OPEC this year. Asked by Reuters if he was standing by his previous estimate of a world oil price range of $70 to $80 for 2010, Pinto said, “Between $70 and $80 is a range that we generally consider reasonable.”

Asked if OPEC should consider changing output targets during the group’s March meeting, he said, “I do not see any reason for there to be any modification in the policies of OPEC in relation to the oil market.”

Backing this statement, Iraq’s top oil official says prices are at satisfactory levels and does not expect OPEC to make changes to output during its meeting next month. Oil Minister Hussain al-Shahristani told The Associated Press on Monday the OPEC Member Countries will instead discuss lackluster member compliance with oil output targets.

Tags:  2010, Ecuador, oil, oil prices, OPEC, output, pinto, world