By Abdulwahab Al-Gueyed
OPEC’s annual Oil ministers’ meeting began Wednesday admid expectations that the price of OPEC’s crude basket would remain the same despite the political and economic events taking place around the globe.
The world economic crisis, especially the euro-zone debt dilemma, casts it shadow on the ministerial event. The meeting is likely to address several topics including the world economic crisis as well as the possibility of increasing OPEC production which stands currently at 30 million barrels per day.
Kuwait Oil Minister Mohammad Al-Busairi said Tuesday that the International oil markets did not suffer shortages in supplies thus there is a balance between supply and demand.
He said that keeping the price above USD 100 was adequate for both consumers and producers, affirming that the ministers would focus on the best solutions for all involved parties.
The OPEC Reference Basket (ORB), introduced June 2005, is currently made up of Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).