LUANDA 22 Dec 2009 Angola hosts 155th OPEC meeting

A decline in the dollar is helping to offset weakness in the price of oil. Kuwait's oil minister, Sheikh Ahmad al-Sabah, told Bloomberg in October that the Organization of Petroleum Exporting Countries is likely to maintain oil production levels when it meets in Angola and that prices may stay near the October level. In support of his prediction, he described demand from Asia as good and exressed optimism that inventories will go down in the United States and Europe as their economies improve.

OPEC kept production quotas unchanged at a meeting on Sep 9-10 in Vienna

He complaiend that compliance with quotas among OPEC members is slipping, and pointed to overproduction in non-OPEC member Russia as a circumstance that would hurt all oil producers. Both issues are likely to be addressed at the meeting.

The members of OPEC are: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Oct/09

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OPEC
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Kuwait says OPEC to hold quotas, sees oil at $60-$80 (Bloomberg/Tehran Times 7 Oct 2009) http://www.tehrantimes.com/index_View.asp?code=204819