VIENNA – The price of oil fell below $93 a barrel on Friday after the Organization of Petroleum Exporting Countries (OPEC) decided to stick to its current production target and figures showed crude supplies are brimming. OPEC, which pumps about 35 percent of global oil supplies, said it would leave the output ceiling at 30 million barrels per day (mbd), where it has stood since late 2011. Saudi Arabia's Oil Minister Ali Al-Naimi had set the stage ahead of the meeting for an easy agreement, saying world oil markets were in “good shape” and balanced. In a statement issued afterwards, OPEC noted that: “The relative steadiness of prices during 2013 to-date (is) an indication that the market was adequately supplied, the periodic price fluctuations being a reflection of geopolitical tensions.” But it added: “Whilst world economic growth was projected to reach 3.2 percent in 2013, up from 3.0 percent in 2012, downside risks to the global economy, especially in the OECD region, remain unchecked.” World oil demand was expected to rise from 88.9 million barrels of oil per day in 2012, to 89.7 mbd in 2013. Ministers on Friday also discussed booming shale oil production in the United States, and its impact on the global energy market. “We will follow it up as with any sort of energy,” OPEC Secretary-General Abdullah El-Badri told a post-meeting press conference. “We have to look at accurate information and see how much this type of oil will be sustainable into the future.” Saudi Oil Minister Al-Naimi said: “This is not the first time new sources of oil are discovered, don't forget history.” “There was oil from the North Sea and Brazil, so why is there so much talk about shale oil now?” he asked. The OPEC announcement had a market impact. By early afternoon in Europe, benchmark crude for July delivery was down 78 cents to $92.83 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, the Nymex contract rose 48 cents to close at $93.61 a barrel. The group is due to gather again on Dec. 4. At that time it will choose its next secretary general, said the Saudi oil minister. Three candidates are in the running for the post: Gholam-Hossein Nozari, a former Iranian oil minister, Saudi OPEC veteran Majid El-Munif and Iraqi contender Thamir Ghadhban
