Under the Patronage of the Kuwait Ministry of Oil Society of Petroleum Engineers Kuwait MISHREF @ 13 International K Fair, 20Kuwait Oil & Gas ShowGS and Conference Conference: Register onlineExhibition: at: www.kogs2013.com 7 - 10 October 8 - 10 October SUPPORTED BY: 2013 EXHIBITION WORLDWIDE FAR EAST CONFERENCE ORGANISERS CO-ORDINATORS CO-ORDINATORS ORGANISERS Society of Petroleum Engineers
[email protected] [email protected] [email protected] [email protected] BAHRAIN LONDON SINGAPORE DUBAI KOGS13_advert_230x280.indd 1 16/07/2013 17:21 Conference meets amid relative calm in market Commentary The 163rd Meeting of the OPEC Conference own production at a moderate level, he passed in a quiet and effective manner in asked: “Why should we change anything? Vienna with the widely expected outcome. It is working.” The Oil/Energy Ministers reviewed the The outlook for the second half of the oil market outlook for the rest of the year year is a positive one and a welcome con- and beyond, assessed associated matters trast to some of the gloomier forecasts and retained the existing production ceiling we have seen since the financial crisis of of 30 million barrels/day for the Reference 2008. Basket. June’s OPEC Monthly Oil Market Report, Meetings of the Conference are less which appeared 11 days after the meeting, frequent now than at any other time this wrote: “Overall, existing fundamentals por- century. And when they do occur — twice tray a market with ample supply, which is a year — they tend to be shorter. This is further reflected in comfortable crude oil good for order and stability in the market stock levels and improving gasoline inven- and is precisely what is needed at the pre- tories at the start of the driving season.” sent time.