OPEC emergency meet on oil prices

United Arab Emirates Energy Minister Suhail al-Mazrouei said Tuesday that there was no need for an emergency conference of OPEC members to discuss the status of oil prices which he described as "fair and acceptable". "The current fluctuations in oil prices are normal. The price is fair and acceptable to producers and consumers and does not impact the level of investments needed by the oil industry in producing nations," Mazrouei said in remarks to official news agency WAM. "There is no need to hold an extraordinary conference for OPEC." Oil prices edged lower in cautious Asian trade Tuesday, as dealers await a series of US economic data for clues on when the Federal Reserve will begin winding down its massive stimulus programme. New York's main contract, West Texas Intermediate light sweet crude for delivery in August, was down 57 cents at $94.61 a barrel in afternoon trade and Brent North Sea crude for August delivery shed 39 cents to $100.77. At a regular meeting for the Organisation of Petroleum Exporting Countries in Vienna last month, oil ministers maintained the cartel's production at 30.0 million barrels per day. But the International Energy Agency, which advises oil consuming nations, said two weeks ago that OPEC crude oil supply rose by about 135,000 barrels in May to the highest level for seven months at 30.89 mbpd. At the same time, the IEA revised down its forecast for demand for crude from the 12-nation cartel to 29.8 mbpd in the second half of this year as the global economic rebound is expected to be faint than previously forecast. The IEA estimated OPEC's effective spare production capacity at 3.23 mbpd in May, down from 3.47 mbpd in the previous month.OPEC heavyweight Saudi Arabia led the production gainers, with output jumping by 220,000 bpd to a six-month high level of 9.56 mbpd, which IEA put down to a seasonal increase for domestic use to meet peak air-conditioning needs. Kuwaiti production edged up to 2.84 mbpd as did UAE output to 2.73 mbpd, while Qatar was unchanged at 725,000 bpd.