QUITO (Reuters) – OPEC agreed to maintain the current oil production levels at their meeting last Saturday while Saudi Arabia reiterated that $ 70-$ 80 per barrel was its favoured the price of crude oil.
Group scheduled its next meeting on 2 June to discuss the production policy.
Below are comments from OPEC ministers and officials at the Saturday meeting:
Saudi Arabia
-Asked by reporters in Quito, what price range Saudi favoured, Saudi Oil Foreign Minister Ali al-Naimi said:-$-$ 80 is a good price.
OPEC SECRETARY GENERAL
-"If there is a problem with the basics and then we would be interested, but if the fundamentals are okay and there is enough oil in the market and prices shoots to $ 147 as it happened in 2008, it is not our problem. This is a problem, "said Secretary General speculation, Abdullah al-Badri.
"There are lots of oil on the market, there is no shortage."
-Asked if the producer group could hold an extraordinary meeting before June, "said al-Badri" OPEC is always ready to respond when there is an imbalance in the market. "
-"If prices are high because of speculation, we can do something about it."
-"When you go to buy oil and you can't find it, it is OPEC will intervene and solve it."
-"If you have six days above the average of five years in stock, what more do you need? If you have six million barrels per day of spare capacity, what more do you need?
"If you go to buy oil, you can find it anywhere you go."
-"We are comfortable with the price now and we have not a forecast prices."
OPEC PRESIDENT
-"The recent increase in basket price has been driven by the bullish sentiment is mainly attributable to the weakening dollar," says Wilson pastes, current President of OPEC oil Ministers of Ecuador.
"However, there was a general feeling in the market that today's levels are convenient for both producers and consumers."
Venezuela
-"We believe that the market should compensate for the high production costs. $ 100 per barrel seems to be an acceptable price, "said Venezuela Oil minister Rafael Ramirez.
-"We must maintain the same production, even though in the end of 2011, because the market is affected by speculation," Ramirez told Reporters after OPEC agree not to modify the supply.
Iran
-Iranian Oil minister Masoud Mirkazemi said demand was "not good" and "nominal prices is good, real prices are not".
Algeria
-"Currently prices are totally fair," said Algeria's Oil minister Youcef Yousfi.
Libya
-Shokri Ghanem, Chairman of the Libyan National Oil Corporation, said the fundamentals, rather than price was crucial.
"When there is a shortage on the market, or when we believe that there is a shortage on the market, we will, of course, to increase production, but it is not only a function of price, says Ghanem.
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