Ecuador Energy Min: OPEC Sees Stable Oil Prices in 2010

Ecuador's Oil Minister Germanico Pinto
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OPEC Headquarters
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QUITO (Dow Jones), Jan. 6, 2010

The current president of the Organization of Petroleum Exporting Countries, or OPEC, said the world's petroleum market is enjoying reasonably stable price.

Ecuador's Oil Minister Germanico Pinto said Wednesday the organization doesn't see any important price changes this year.

At a press conference, Pinto said, "Neither do we see any measures in terms of (changing) production."

Pinto said that during his term as OPEC president, he will work with members of the group to strengthen maintaining production quotas.

The OPEC group members will meet in March in Vienna. Pinto said it will be a regular meeting and he doesn't see any changes in OPEC policies.

"All the members will make an effort to maintain stability in the petroleum market," he said.

He said that Ecuador will make an effort to maintain its current production levels of between 470,000 barrels a day and 480,000 barrels a day.

Pinto recognized that this production is slightly above the quota set out by OPEC. "We are making a great effort to remain within our quota," he said.

In December OPEC scheduled a meeting to be held in Ecuador.

Pinto has recently said a reasonable price would be $70 and $80 a barrel.

Copyright (c) 2010 Dow Jones & Company, Inc.


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