UPDATE 4-Kuwait sees no call for policy change as OPEC eyes balanced market

lunes 12 de octubre de 2015 10:44 GYT
 

* Kuwait sees drop in high-cost oil supplies

* OPEC secretary-general upbeat on market outlook

* OPEC predicts more balanced market in 2016 (Writes through to add latest OPEC forecasts)

By Rania El Gamal

KUWAIT CITY, Oct 12 (Reuters) - Kuwait said on Monday there were no calls within OPEC to change the oil group's production policy and that lower output from high-cost producers could support prices in 2016, adding to signs OPEC will keep its strategy of defending market share.

Meanwhile, OPEC forecast in a monthly report that demand for its oil in 2016 would be much higher than previously thought as lower prices curb U.S. shale oil and other rival supply sources, reducing a global surplus.

OPEC last November decided against propping up prices by cutting output, seeking to recover market share taken by higher-cost rival production. While oil is hurting OPEC revenues by trading below $53 a barrel, half its price of June 2014, there are signs lower prices are taming non-OPEC supply.

"Today there are no ideas or demands from the member states to make any big change in OPEC's decision," Kuwait Oil Minister Ali al-Omair told reporters, referring to OPEC's move of November 2014.

"Today there are indications that a lot of high-cost oil production is starting to get out of the market and this will help improve prices."   Continuación...