* $100 a barrel is sustainable - minister
* Sees no sign of OPEC changing quota in December
* UAE Sept output at 2.7 to 2.8 mln bpd
* Angola official content with oil prices
By Meeyoung Cho
DAEGU, South Korea, Oct 13 OPEC's crude oil
production is at a suitable level for the market and there is no
talk of the cartel changing output when it meets in December,
UAE energy minister Suhail bin Mohammed al-Mazroui said on
A senior official from Angola, a fellow member of the
Organization of the Petroleum Exporting Countries (OPEC), later
said he shared the minister's view on OPEC's output target of 30
million barrels per day (bpd).
OPEC, which pumps more than a third of the world's oil,
meets on Dec. 4 in Vienna to decide whether to adjust the output
"There is no sign or something that we can tell you today to
say we are increasing or decreasing the quota," Mazroui told
Reuters in an interview in the city of Daegu, about 300km
southeast of South Korea's capital and the venue of this week's
World Energy Congress.
"But what is certain is we will ensure the market is
The United Arab Emirates, which will bid to host the
congress in 2019, produced 2.7 million to 2.8 million bpd of
crude last month, Mazroui said, but he declined to reveal this
OPEC's September output was the lowest since October 2011,
when the group pumped 29.81 million bpd, according to Reuters
surveys, and leaves supply a mere 70,000 bpd above its output
target of 30 million bpd.
The cartel again lowered the forecast demand for its crude
in the fourth quarter and 2014 in a monthly report on Thursday,
saying that production remains higher than next year's expected
demand despite a plunge in Iraqi and Libyan output.
Asked about current oil prices, Mazroui said that about $100
a barrel is "fair and sustainable" for producers and does not
harm the market.
Brent crude rose above $117 in August on the
disruption of Libyan supply and the prospect of U.S. military
action against Syria. In the past four weeks it has ranged
between $107 and $112 a barrel.
On the sidelines of the World Energy Congress, Angola's vice
minister for petroleum, Anibal Silva, described current prices
Asked about the possibility of OPEC changing the output
target at its December meeting, Silva said he didn't think so,
noting the market equilibrium at present.
The UAE oil minister, meanwhile, said that his country's
production capacity will increase to 3.5 million bpd by 2017,
regardless of any delay in its oil concession process. Its
current licences expire at the start of next year.
Abu Dhabi National Oil Company (ADNOC) expects to receive
bids this month from companies hoping to run the ADCO concession
for decades to come. ADNOC sources have said that it will take
three or four months to study the offers and submit
recommendations to the Supreme Petroleum Council.
ADNOC holds a 60 percent controlling stake in ADCO, while
oil giants ExxonMobil, Royal Dutch Shell, Total
and BP, each hold 9.5 percent stakes.
Mazroui separately said that construction of four nuclear
reactors in the UAE is running to schedule. The plants are due
to be operational in 2020 and the UAE expects them to reduce its
climate-warming carbon emissions by 12 million tonnes a year.
The minister also insisted that there are no safety concerns
over the project, which was awarded to a South Korean consortium
led by Korea Electric Power Corp.
South Korea has been embroiled in a scandal over fake safety
certificates for parts in its nuclear reactors.
"We are confident that our partners will deliver the project
safe," Mazroui said.