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Monday, March 15, 2010

Oil Falls Below $81; OPEC Meet This Week

Crude oil futures declined below $81 a barrel on anticipation that OPEC might hike the crude oil output quota when it meets on Wednesday. 

Last week, in the latest monthly forecast published by its Vienna-based secretariat, the oil exporters' organisation, which controls 40% of the global oil supply, predicted demand for its crude this year would undershoot output by 1.5 million barrels per day (bpd).

On the other hand, the secretariat also forecast a 1.7 million bpd increase in demand for OPEC crude between the second and third quarters of the year, suggesting any oversupply would be mopped up.

However, Iran the second-biggest OPEC producer has warned of a worsening oil glut and predicts OPEC will urge its members to comply with their production quotas when its ministers meet on Wednesday.

Iran also said there was no need for the group to revise output targets that had remained unchanged since December 2008.

MCX Crude for 19th march delivery is trading down over Rs 20 at Rs 3686 per barrel. It may trade in the range of Rs 3700 - 3660 levels.
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