OPEC rotating chairman: oil price is satisfactory at 75 to 80 US dollars
According to foreign media reports, Jose Maria Botelho de Vasconcelos, the rotating president of OPEC and the oil minister of Angola, said that the oil price of US $75 to US $80 per barrel is satisfactory, and he also hinted that OPEC's December meeting may keep production unchanged.
"between $75 and $80 a barrel is a good price for the global economic recovery," Cyrus told reporters. " International oil prices fluctuated within that range today.
Cyrus also said that OPEC's Luanda meeting on December 22 may keep crude oil production unchanged, but "there are also preparations to increase production" and that this will be discussed at the December meeting.
He also said that at present, crude oil is "oversupplied in the market".
Mr Silos said OPEC members' compliance with crude oil production quotas was "about 65 per cent" and he was satisfied with the ratio.
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