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Oil falls ahead of Opec meeting Oil falls ahead of Opec meeting
(about 3 hours later)
Oil prices fell to a five-month low as traders anticipated that Opec would maintain its current production levels when it meets later in Vienna. Oil prices have fallen to a five-month low as traders anticipate that Opec will maintain its current production levels when it meets later in Vienna.
Comments by chief producer Saudi Arabia that the market was "fairly well-balanced" suggested that output would be unchanged.Comments by chief producer Saudi Arabia that the market was "fairly well-balanced" suggested that output would be unchanged.
Oil prices fell more than $2, with Brent crude at $101.27 and US light, sweet crude at $103.85. By early evening in Europe, US light sweet was down $2.07 to $104.27, and Brent was $1.95 lower to $101.49.
Prices have sunk from a record of more than $147 a barrel seen in July.Prices have sunk from a record of more than $147 a barrel seen in July.
Arriving for the meeting, the Venezuelan energy minister said he would support keeping production levels unchanged.Arriving for the meeting, the Venezuelan energy minister said he would support keeping production levels unchanged.
"We need to keep things as they are," said Rafael Ramirez."We need to keep things as they are," said Rafael Ramirez.
Growing demandGrowing demand
Earlier, the Saudi oil minister Ai al-Nuaimi said: "The market is fairly well balanced."Earlier, the Saudi oil minister Ai al-Nuaimi said: "The market is fairly well balanced."
"Inventories are in a healthy position, everything is in balance.""Inventories are in a healthy position, everything is in balance."
OPEC members including Kuwait and the United Arab Emirates, have called for no change in output levels though Algeria, Iran, Venezuela and Libya have suggested a cut is needed - claiming the market is oversupplied.OPEC members including Kuwait and the United Arab Emirates, have called for no change in output levels though Algeria, Iran, Venezuela and Libya have suggested a cut is needed - claiming the market is oversupplied.
Opec is currently thought to be producing about a million barrels per day (bpd) more than its official ceiling of 29.67 million bpd.Opec is currently thought to be producing about a million barrels per day (bpd) more than its official ceiling of 29.67 million bpd.
In May and June Saudi Arabia agreed to increase production by 500,000 bpd to help calm markets.In May and June Saudi Arabia agreed to increase production by 500,000 bpd to help calm markets.
Opec produces about 40% of world crude.Opec produces about 40% of world crude.
In July, the exporters' group said world demand for oil would grow by 50% between now and 2030 as people in developing countries drive more cars.In July, the exporters' group said world demand for oil would grow by 50% between now and 2030 as people in developing countries drive more cars.