Opec sees no need to boost its output when it meets next month, two officials from the group said on Monday, even though oil prices have rallied to a two-year high above $87 a barrel. Oil hit $87.49 a barrel on Monday, the highest since October 2008. Commodities have gained support from a US dollar that has been under pressure following the Federal Reserve's monetary stimulus to aid the US economy.
"I don't see any need to raise output," said Shokri Ghanem, chairman of Libya's National Oil Corporation, referring to the meeting of the Organisation of the Petroleum Exporting Countries scheduled for December 11 in Ecuador. "While the price is inching up, we think the terms of trade are going against Opec countries and the increase in the price did not even compensate for the loss in the dollar value and the increase in the price of commodities." Saudi Arabia's oil minister, Ali al-Naimi, last week said oil at $70 to $90 was comfortable for consumers. That was higher than the $70 to $80 range the top exporter had previously called ideal, and prices rose after his remarks.