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OPEC: Pricier crude could erode 2010 demand OPEC warns higher oil prices could undercut 2010 global oil demand By Tarek El-Tablawy, AP Business Writer On 8:44 am EST, Wednesday November 11, 2009 Buzz up!

MOSCOW — While OPEC members limped through a period of painful production cuts this year, Russian oil companies enjoyed an extraordinary run.

OPEC, source of more than a third of the world's oil, agreed to cut supply by 4.2 million bpd since September 2008 due to falling demand and prices.

Saudi Arabia's oil minister Ali al-Naimi also said that OPEC would not need to cut output next year, based on latest figures on supply and demand.

The Organization of the Petroleum Exporting Countries might need to cut its oil supply next year to match an expected fall in demand for the group's crude, aAn OPEC delegate wrote in a Kuwaiti newspaper on Wednesday.

OPEC oil output has increased this year, despite promises to restrain production, and the IEA said the group pumped 55,000 bpd more in August than in July, taking OPEC-11 compliance with promised cuts down to 66 percent from 68 percent in July.

VIENNA - OPEC is not expected to cut production quotas, the Saudi and Kuwaiti oil ministers said Wednesday as the producer group met to take stock of a market that has seen crude prices climb amid signs of a global economic recovery.

Russia’s oil exports are surpassing those of Saudi Arabia for the first time since the Soviet Union’s collapse as Prime Minister Vladimer Putin exploits OPEC cuts to gain market share.

Saudi Arabian Oil Minister Ali Naimi said Tuesday that crude markets were "in good shape," boosting expectations OPEC will to stress compliance with output quotas instead of cutting production.

Compliance with last year’s production cuts has dropped to 70 percent, OPEC President and Angolan Oil Minister Jose Maria Botelho de Vasconcelos said in Luanda today before leaving for the group’s meeting.

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