OPEC satisfied with oil price level

Azerbaijan, Baku, Dec. 7 / Trend A.Badalova/ The average oil price level for 2011 is satisfactory for both producers and consumers, OPEC Secretary General Abdalla Salem El-Badri said at the 20th World Petroleum Congress in Doha. The speech of OPEC Secretary General is published on the cartel's official website. "The price at a level that allows producers to invest to meet future demand, and at the same time, it does not impede the global economic recovery," El-Badri said. He also added that excessive speculation is detrimental to both producers and consumers. Currently, global oil is trading at the level of $100-110 per barrel. Following the auction on December 6, the price on Brent futures for January increased by $1 a barrel up to $110.81 per barrel. The cost of WTI futures for January on the New York Mercantile Exchange rose by $0.29 up to $101.28 per barrel. According to the forecasts of the analysts at the U.S. bank JP Morgan, the average price for Brent will amount at $110.5 per barrel in 2011, the average price for WTI - at $95 per barrel in 2011. Regarding the Libyan oil production, El-Badri said that the country's shortfall earlier this year was met by other OPEC Member Countries. He also said that Libya is now quickly returning its production and export capacity to the market. "Spare capacity has been, and remains at comfortable levels," El-Badri said. According to the Libyan National Oil Company, oil production in the country has reached 840,000 barrels per day. The country's target is to reach a production level at 1.6 million barrels per day. Libya's proven oil reserves are 45 billion barrels. Before the revolution, the country produced 1.5 million barrels of oil per day. Do you have any feedback? Contact our journalist at agency@trend.az