Ecuador sees no need for Opec cut

Ecuadorean Energy Minister Germanico Pinto said today he saw no need for an Opec oil production cut, adding he expected oil prices to stabilise.

"I think the price is going to stabilise at between $70 to $72 (per barrel,)" he told Reuters.

Opec agreed to supply cuts of 4.2 million barrels per day last year to match the fall in global oil demand due to global economic weakness, a Reuters report said.

Opec left output steady at its last meeting in May, betting that economic growth will resume and demand will recover.

The group holds its next meeting on 9 September in Vienna to set policy.

Yesterday, Opec President Jose Botelho de Vasconcelos said oil prices are not bad at current levels for the organisation, signaling Opec is unlikely to cut output at its next meeting.

Vasconcelos, who is also Angola's oil minister, said the recent rise in oil prices to over $70 per barrel would enable oil companies to continue to invest in the oil industry.

Ecuador returned to Opec after President Rafael Correa started his first term in office in January 2007.

Correa took office for a second term today.

Ecuador: Energy Minister Germanico Pinto

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