Oil prices unlikely to exceed $100 per barrel next year

There is no possibility of oil prices exceeding $100 per barrel in 2011 but the present price range of $70- $80 per barrel is acceptable to both producers as well as consumers, Kuwait's Minister of Oil Sheikh Ahmad Al-Abdullah Al-Sabah has said.

"The prices have generally moved between $70 and $80 per barrel, which is an acceptable range for both producers and consumers in 2010," Sheikh Ahmad told Kuwait’s news agency KUNA.

During the 158th Extraordinary Meeting of its Conference, held in Quito, capital of Ecuador, on December 11, OPEC reiterated the call for its member state to abide by their respective production quotas, he said, noting that there was a considerable improvement in this regard.

His statement has come ahead of the 85th ministerial meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC).

"Though the prices touched $90 per barrel by the end of 2010, there has been general satisfaction among oil exporters and importers, given the fact that there were no unjustifiable dramatic fluctuations," the minister said.

"The fair prices of the Organization of Petroleum Exporting Countries (OPEC) basket of 12 crudes encouraged the global cartel to maintain the level of daily output," he said.

Commenting on the demands of the western countries for the cartel to increase output, Sheikh Ahmad said: "if the West seeks to negotiate oil prices, we seek to negotiate the prices of their exports."

Regarding the OAPEC ministerial meeting, he said, it would discuss a range of internal issues, such as the budget and the audit report.