Arab News cited Mr Abdullah Al Badri secretary general of OPEC as saying that ahead of the oil exporting group's meeting in Vienna next week. The market is comfortable as I see it at this time. OPEC is expected to stick with an output target of 30 million barrels per day agreed a year ago when it meets on December 12th 2012.

High stockpiles, slowing demand growth and a fragile world economy which would usually give members reason to trim output are counterbalanced by tensions in the Middle East which have kept Brent crude above USD 100 per barrel for most of 2012. Brent crude oil fell below USD 110 per barrel yesterday as protracted US budget negotiations fanned concerns about the health of the global economy and the prospects for energy demand.