Ministers From Iraq, Qatar, UAE See No Need To Raise Oil Production At OPEC Meet Next Week - Bberg

[hatrack]

an. 24 (Bloomberg) -- OPEC doesn't need to increase oil production when it meets next week because supply is adequate, ministers from Qatar, the United Arab Emirates and Iraq said. ``I don't see the need for more,'' Qatar's Energy Minister Abdullah bin Hamad al-Attiyah said in an interview in Davos, Switzerland, today after meeting with his U.A.E. counterpart Mohamed al-Hamli. ``The market is well balanced.''

``We have to be cautious that demand usually drops in the second quarter and there are risks from a slowdown in the U.S. economy,'' al-Attiyah said. Al-Hamli also said the market is ``well balanced.''

Ministers from the Organization of Petroleum Exporting Countries will meet in Vienna on Feb. 1 to set production targets after a 12 percent tumble in prices since oil reached a record $100.09 a barrel on Jan. 3. Demand for OPEC's oil typically declines in the second quarter, following the end of the peak winter heating season in the Northern Hemisphere.

Crude oil for March delivery rose $1.02, or 1.2 percent, to $88.01 a barrel in electronic trading on the New York Mercantile Exchange at 2:03 p.m. London time, partly on expectations that OPEC won't heed consumer calls to boost supply.

EDIT

http://www.bloomberg.com/apps/news?pid=20601072&sid=a6F_J34tmz.Q&refer=energy

[cliss]

1. Translation =

= we LOVE high prices!!!!

Why should we increase production, which will lower the price of our precious BLACK GOLD? Eh?

** note:
it always comes back to the same thing: who has the upper hand? The drug dealer or the junkie?

[happyslug]

2. Alternative translation: we are maxed out in production.

There is no way we can increase production even if we wanted to. We are producing as much as we can to sell as much as we can. If we could produce more we would, but we can't.

[amandabeech]

5. Alternative translation #2: We can't pump any more of anything you want to buy.

They may have a lot of heavy sulfurous stuff lying around that nobody wants or can refine easily into anything that anybody wants.

[hunter]

3. Translation: They can't.

Everyone is running at full throttle. If you are an oil producer there's nothing left to do but to sit back and enjoy the ride down the backslope. This behavior is entirely consistent with peak oil.

[Subdivisions]

4. It's not that they won't increase production,

it's that they can't.

We are in the beginning of the Post-Carbon Age.

[GliderGuider]

6. Here's the unedited transcript

"We have to be cautious that demand usually drops in the second quarter (and we we're maxed out and couldn't pump another barrel if the price was $1000) and there are risks from a slowdown in the U.S. economy..."

They are so full of shit. They've plateaued and they know it.