This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7605584.stm
The article has changed 7 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Oil falls as Opec ministers meet | Oil falls as Opec ministers meet |
| (10 minutes later) | |
| Brent crude has fallen below $100 a barrel for the first time since April, as traders predict Opec will stick to current output levels. | Brent crude has fallen below $100 a barrel for the first time since April, as traders predict Opec will stick to current output levels. |
| With Opec now meeting in Vienna to discuss forthcoming production, Saudi Arabia has already hinted that it sees no need for a cut. | With Opec now meeting in Vienna to discuss forthcoming production, Saudi Arabia has already hinted that it sees no need for a cut. |
| Brent ended Tuesday trading down $4.14 to $99.30 a barrel, while US crude settled down $3.08 to $103.26. | |
| 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. |
| Before the meeting, the Venezuelan energy minister said he would support keeping production levels unchanged. | Before 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 demand | Growing 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. |