Opec says oil supply increase ‘worrying’

February 3, 2010 Share Print 0

Oil producers’ cartel Opec has told the BBC that compliance with production targets fell to 50-56% last month compared with 80% a year ago.

Secretary General Abdalla Salem El-Badri told the BBC’s Business Daily programme the move was “worrying”.

“The risk is you see a lot of oil in the market and no one is buying it. Then the price will come down.”

At its last meeting in Angola, Opec decided not to change the amount of oil being produced by its members.

Oil prices have doubled from their lows of December 2008, but are way down on the record $147 a barrel reached in July 2008. US light, sweet crude is trading at about $78 a barrel – its highest level in two weeks.

BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.