No emergency OPEC meeting if oil at $100

Reuters, Tuesday 11 Jan 2011

OPEC will not call for an emergency meeting before its scheduled gathering in June 2011 if the price of crude oil hits $100 a barrel, Kuwait's oil minister told reporters on Tuesday

Asked whether the oil producing group would hold an emergency meeting if oil prices, near $90 a barrel currently, hit $100 a barrel, Sheikh Ahmad al-Abdullah al-Sabah said: "No."

Oil was steady above $89 on Tuesday, with U.S. crude for February CLc1 gaining 12 cents to $89.37 a barrel by 1005 GMT after trading as high as $89.67 at the start of the trading session.

U.S. crude prices reached a 27-month high of $92.58 last week on expectations that a sustained economic recovery would boost energy demand from both emerging markets and industrialised nations.

OPEC, source of more than a third of the world's oil, left its oil output target unchanged at a December 11 meeting, keeping the same level since a record reduction of 4.2 million bpd in December 2008 when recession hit demand and prices.

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