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| Version 4 | Version 5 |
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| 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. | 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." |
| I don't think the Saudis or Opec in general want to project themselves into the US presidential election Oil analyst Stephen Schork | |
| "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. |
| A formal announcement is due early on Wednesday. | |
| Oil analyst Stephen Schork said part of the reason why Opec would keep prices on hold, was so not to become an election issue in the US. | |
| "I don't think the Saudis or Opec in general want to project themselves into the US presidential election, which is what would happen if you saw a production cutback." | |
| 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. |