OPEC won't change ceiling at Dec meeting: Report

The Organization of Petroleum Exporting Countries won't change its production ceiling at the producer group's upcoming Dec. 10 meeting, Dow Jones Newswires reported Sunday.

Algerian Oil Minister Chakib Khelil Khelil, who reiterated previous predictions that the price would remain above $30 a barrel into the first quarter of next year on rising demand, said the OPEC is already producing 3 million b/d above its agreed ceiling of 27 million b/d.

"We are comfortable in the sense that OPEC countries are producing at their maximum capacity," he said.

Khelil downplayed concerns among some OPEC members that rising stock builds may lead to a rapid slump in the price, saying global economic growth would sustain high demand.

OPEC's reference basket of seven crude oils is hovering around $39/bbl.

U.S. stock builds have triggered speculation that OPEC may consider trimming its output ceiling at the December meeting in Cairo.

Speaking on the sidelines of a signing ceremony in Algiers, he said global markets would be looking for a further 4-5 million b/d next year to satisfy rising demand.

Oil producers have enough supply to meet global demand for crude, he said, but political factors such as unrest and conflict will continue to buoy up prices. (*)