News from OPEC regarding Crude Oil Futures

– OPEC expected to maintain current oil production quotas at meeting today and will not discuss individual country quotas. Debate over new Sec Gen will be a harsh one with Libya’s Abdullah al-Badri likely to be asked to stay in the post for another six months

– IEA Monthly Oil Market Report slightly increased its global oil demand forecast by 100K bpd for 2012 and 2013. It now forecasted 2013 oil demand growth at 865K bpd but noted demand growth to remain sluggish. It saw 2013 global oil demand at 90.5M bpd and raised 2013 Non-Opec supply forecast by 70K bpd to 54.2M bpd. It maintained 2013 avg OPEC stocks at 29.9M bpd. It stated that 5 of world’s top 10 oil consumers were now Non-OECD countries

– OPEC oil ministers comments ahead of meeting 
– UAE Oil Min: OPEC production is at levels the market needs; global economy is struggling and need to watch developments closely; Sec Gen must be unanimously elected

– Iran Oil Min: Oil production cut would be better for the market as market is over supplied; not expecting any deal on individual country quotas

– Libya Oil Min: Oil proces are comfortable for both suppliers and consumers; production now back to normal in Libya

– Iraq Oil Min: Will not cut its own production

– Ecuador Oil Min: Current oil prices are comfortable for consumers and producers.