A panel of national representatives reviewed Opec's oil market outlook for 2015 this week, Opec sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude.
Opec producer Iraq expects to base its 2015 budget on an oil price of $80 per barrel, Oil Minister Adel Abdel Mehdi told parliament on Monday.
Oil prices have fallen to below $80 on abundant and weak demand from $115 a barrel in J
The recent plunge in oil prices will not have a direct impact on Saudi Arabia's budget as the kingdom takes precautions to handle all possibilities when planning its finances, Finance Minister Ibrahim Alassaf was quoted as saying.
Saudi Arabia Oil Minister Ali Al Naimi broke months of silence to reaffirm the kingdom's longstanding policy of seeking stable global markets, dismissing talk of a "price war" but offering no insight on his response to tumbling c
Qatar said on Tuesday that its economy would not be affected by the slide in oil prices, while a senior UAE government official declared that oil market fundamentals have not changed and Opec has not contributed to oversupply.
Markets should not panic over the recent plunge of oil prices because the situation will resolve itself, Opec secretary-general Abdullah Al-Badri said on Monday.
"Please do not panic, things will fix itself," Al-Badri sa
Oil price declines could dampen economic growth in the GCC countries and weaken operating conditions in the corporate and infrastructure sectors, said Standard & Poor's Ratings Services in a report.
A prolonged period of l
Brent crude fell towards $84 a barrel on Tuesday, extending losses to a fourth session after top oil exporter Saudi Arabia cut prices to the US.
The cut hammered oil prices on Monday as it underscored Saudi efforts to fight for ma
Oil's losing streak continued for the fourth consecutive month on Friday, with prices tumbling as another round of monetary stimulus from Japan pumped up the US dollar and pounded a crude market already suffering from robust supply.
Brent crude extended its decline to a third day, dropping towards $85 a barrel on Tuesday, still under pressure from a Goldman Sachs report that slashed the investment bank's oil price forecasts amid a global supply glut.