Cairo (Reuters)-the global economy can meet on oil price of $ 100 a barrel, oil Minister of Kuwait said on Saturday, as stated in other exporters that opec may decide against increasing output until 2011, as provided in the well of the market.
Analysts say oil producing countries, it is likely to raise the output after crude rallied more than 30 percent lower than ever because they fear prices harm economic growth fuel import countries.
In Europe, benchmark Brent ICE bots for February close $93.46 Friday after hitting 94.74 barrel, the highest level since October 2008.
Arab oil exporters meeting in Cairo this weekend said he saw a need to provide more stock was crude, there was a high end prices temporarily by cold weather in Europe.
Asked by Reuters-economy of the world can meet the price $ 100 oil, Kuwaiti oil Minister Sheikh Ahmad Abdullah Al al-Sabbah said: "Yes it can."
Iraq's new oil Minister and head of the National Oil Corporation of Libya both told Reuters $ 100 was a fair price, while the Minister Abdullah Al-Atiyah of Qatar said he expects OPEC to increase production in 2011.
"Expected OPEC meeting before June due to stable oil prices," he said.
Some representatives also called for exporters comply with the limits agreed production better. Compliance with the members of OPEC cutbacks of the promised additional quantity was reached 56 percent in November, according to Reuters estimates.
When asked if it was raised to the power output of Kuwait, Sheikh Ahmad said: "it is not. More compatibility, compatibility and more. "
"Market provided well"
Meeting in Cairo of an organization of Arab exporting countries (OAPEC) brought together Arab members of OPEC including exporter top Saudi Arabia, which traditionally was displayed as moderate price, as well as non-OPEC countries Tunisia, Egypt, Syria, Bahrain.
OPEC cut output significantly after the global financial crisis hit 2008 prop up oil prices collapse.
As demand has risen steeply in 2010 is expected to rise further in 2011, the market is watching closely whether OPEC to release at least some of its spare capacity to prevent prices around $ 150 per barrel upheavals as they did before the crisis hit in the summer of 2008.
Of the most influential OPEC oil Minister Ali al-Naimi, Saudi Arabia, said on Friday he was still happy with the price of US $ 80 a barrel of oil and other OPEC meeting was necessary before the next scheduled one in June.
Others in the higher price, pressing argue this is easing distressing as regards, a weak u.s. dollar, which htiishr spaces between financial markets mean power price of oil is nominal.
Sameh Fahmy oil Minister says increased Egyptian oil prices was the result of the current demand higher on heating fuel due to the weather is cold in Europe.
Arab Arabian Oil Minister Muhammad al-Hamli said high crude oil inventories ". It is the highest above average five years ... The market well satisfied. "
(Reporting by Sherine El Madany, Shaimaa Fayed, Baker Amena, Ashraf Fahim, Saleh Yasmine; writing by Tom Pfeiffer; editing by Mike Nesbit)
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