Rocky_Shorz
8th June 2011, 22:38
OPEC meeting a complete disaster...
but Saudi Arabia, founder of OPEC will meet the worlds additional oil needs from their own production...
"There were very serious objection from six countries. Two other countries were quiet. They did not say anything. If you want to know who the six countries are it is: Libya, Angola, Ecuador, Algiers, Iran and Venezuela. Those were the six countries who were vehemently against increasing production. You can yourselves, you can analyze yourselves why they want no increase in production."
"We kept trying to convince the six it is in the interest of OPEC to have a cohesive agreement. No success. We spent three hours trying to convince the six with no move. So then there was a suggestion that let us not make a decision at this meeting. Let us defer the meeting one month, two months, three months and analyze the market and then convene in September in extraordinary meeting. So we said, to ignore what professionals have done for the last couple of months analyzing the market is really terrible. We insisted a million and a half must be added to the 28.8 to give us 30.3 million b/d call on OPEC. We reached no agreement and we disbanded."
"Now what has been said that there was a consensus to reconvene in three months is absolutely wrong. There was no consensus and the fact that there was no consensus, we did not issue the usual bulletin we normally issue at the end of the meeting because we could not agree what to put on that bulletin."
QUESTION: Why do you say its the worst meeting?
"In my last 16 years as minister, I have not seen an obstinate position without move like this meeting. Normally, we have differences, we debate, we argue, we convince and finally we come to a consensus. There was no way we can move from our position. The reason is that the numbers are in front of us telling us that this is what we need to do regardless of what others expect. But the fact is that the numbers tell us we need to add at least a million and a half. QUESTION: What happens now?
"Saudi Arabia and the other three GCC countries are able and willing to supply whatever the market needs. The market is not going to see any shortage because we could not reach agreement at this meeting. We are willing and we are able and we will deliver what is needed.
QUESTION: How dangerous is it for OPEC?
"What happened is and everybody thinks that we are maintaining current production levels. That is not true...We know that the third quarter and the fourth quarter is going to need additional crude. We have the capacity to deliver and we will deliver it... link (http://platts.com/RSSFeedDetailedNews/RSSFeed/Oil/3506139)
Speculators, be careful...
but Saudi Arabia, founder of OPEC will meet the worlds additional oil needs from their own production...
"There were very serious objection from six countries. Two other countries were quiet. They did not say anything. If you want to know who the six countries are it is: Libya, Angola, Ecuador, Algiers, Iran and Venezuela. Those were the six countries who were vehemently against increasing production. You can yourselves, you can analyze yourselves why they want no increase in production."
"We kept trying to convince the six it is in the interest of OPEC to have a cohesive agreement. No success. We spent three hours trying to convince the six with no move. So then there was a suggestion that let us not make a decision at this meeting. Let us defer the meeting one month, two months, three months and analyze the market and then convene in September in extraordinary meeting. So we said, to ignore what professionals have done for the last couple of months analyzing the market is really terrible. We insisted a million and a half must be added to the 28.8 to give us 30.3 million b/d call on OPEC. We reached no agreement and we disbanded."
"Now what has been said that there was a consensus to reconvene in three months is absolutely wrong. There was no consensus and the fact that there was no consensus, we did not issue the usual bulletin we normally issue at the end of the meeting because we could not agree what to put on that bulletin."
QUESTION: Why do you say its the worst meeting?
"In my last 16 years as minister, I have not seen an obstinate position without move like this meeting. Normally, we have differences, we debate, we argue, we convince and finally we come to a consensus. There was no way we can move from our position. The reason is that the numbers are in front of us telling us that this is what we need to do regardless of what others expect. But the fact is that the numbers tell us we need to add at least a million and a half. QUESTION: What happens now?
"Saudi Arabia and the other three GCC countries are able and willing to supply whatever the market needs. The market is not going to see any shortage because we could not reach agreement at this meeting. We are willing and we are able and we will deliver what is needed.
QUESTION: How dangerous is it for OPEC?
"What happened is and everybody thinks that we are maintaining current production levels. That is not true...We know that the third quarter and the fourth quarter is going to need additional crude. We have the capacity to deliver and we will deliver it... link (http://platts.com/RSSFeedDetailedNews/RSSFeed/Oil/3506139)
Speculators, be careful...