OPEC Cut Not Needed in 2014, Saudi Arabia, Kuwait and Iraq Say - Bloomberg

OPEC Cut Not Needed in 2014, Saudi Arabia, Kuwait and Iraq Say - Bloomberg:

"Ministers from Saudi Arabia, Kuwait and Iraq said OPEC needn’t cut production next year to make room for additional supplies from Iran, Libya and U.S. shale oil.

“I am optimistic the market will stay balanced and stable next year,” Saudi Oil Minister Ali Al-Naimi said today in a speech at a meeting of Arab oil exporters in Doha, Qatar. “Shale oil is not posing any threat to Saudi Arabia and OPEC,” he told reporters.

Commerzbank AG said in a Dec. 10 report that the Organization of Petroleum Exporting Countries would need to cut output should Iranian and Libyan production return to the market. OPEC, content with current oil price levels, agreed at a Dec. 4 meeting to keep the group’s crude output ceiling unchanged at least until June.

Iran is seeking to raise oil output to 4 million barrels a day, the country’s oil minister, Bijan Namdar Zanganeh, said at the OPEC meeting, after a Nov. 24 agreement over its nuclear program opened the door to an easing of sanctions"

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