OPEC Secretary-General: No need to cut oil output
Azerbaijan, Baku, Jan. 29 / Trend A.Badalova/
OPEC sees no need to cut its oil production, International Oil Daily reported with the reference to OPEC Secretary-General Abdalla el-Badri.
"We don't see the need to cut production as some of the economies are not in good shape at this time," el-Badri told reporters on the sidelines of a conference at London's Chatham House.
According to el-Badri, the world oil market is quiet at this time and there is no need to disturb it.
"I think May will be the month where we can see where the market is heading," el-Badri added.
Secretary-General also said that the current oil prices are reasonable for producers and consumers.
OPEC oil production decreased by 0.46 million barrels per day (bpd) to 30.37 million bpd in December, 2012, according to OPEC's latest oil marker report. Oil output saw an increase from Nigeria and Angola while production fell in Saudi Arabia, Iraq, and Iran.
OPEC oil production, stood at 27.35 million bpd in December, not including Iraq, a decrease of 0.27 million bpd over the previous month.
The U.S. Energy Information Administration (EIA) predicts OPEC members' crude oil production to continue to rise over the next two years to accommodate increasing world oil consumption.
According to the EIA forecasts, OPEC oil production will increase by 590,000 bpd to 30.55 mln bpd in 2013.