October 28, 2011 / 11:32 AM / 8 years ago

UPDATE 1-Qatar not cutting oil output, sees no surprises at Dec meet

(Adds details, crude price, output figures)

NEW DELHI, Oct 28 (Reuters) - OPEC member Qatar is not cutting production as supplies from Libya come to market, the Gulf country’s oil minister said here on Friday, adding he did not expect any major changes in output from the oil producers’ group when it meets in December.

“Qatar is not cutting (oil output),” Oil Minister Mohammed al-Sada said after a meeting in New Delhi when asked about the impact of increased Libya supplies.

“We are watching the oil market developments and coordinating with OPEC countries,” he added.

Libya is currently pumping around 500,000 barrels per day (bpd) but industry sources doubt it can quickly reach pre-war levels, which represented about 2 percent of the global demand.

Al-Sada said he was not expecting big changes at OPEC’s next meeting, scheduled for Dec. 14 in Vienna, echoing comments by Iraq’s deputy prime minister for energy, Hussain al-Shahristani, earlier this week.

“It is premature to judge, but I don’t think there will be a lot of surprises (at the December OPEC meeting),” he said.

“Things are in pretty good shape — supply, stocks and demand.”

Iraq has boosted its output to 2.9 million bpd this year.

Saudi Arabia, Kuwait and the United Arab Emirates boosted output unilaterally after Iran, African countries and Venezuela blocked a Saudi-led proposal to increase output targets at OPEC’s last meeting on June 8.

Qatar was producing around 730,000 bpd of oil in July, official data released last month by the Joint Data Initiative (Jodi) showed.

Al-Sada said earlier this month in Tokyo that he saw no need for OPEC to meet before its scheduled December gathering but that it was monitoring markets closely.

Benchmark Brent crude oil prices fell more than $1 per barrel to $111 on Friday — but are still around $10 above levels when Al-Sada spoke in Tokyo — after gains earlier this week on a financial rescue plan for the euro zone . (Reporting by Nidhi Verma; writing by Jo Winterbottom; editing by Malini Menon)

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