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OPEC advisory committee recommends maintaining production unchanged

AFP
VIENNA
Petroleumworld.com 03 08 06

OPEC's key advisory committee on Tuesday recommended that the oil cartel maintain its current output ceiling unchanged in response to market concerns in key member producers, OPEC President Edmund Daukoru said in Vienna on the eve of group's ministerial meeting.

"If we only followed strictly market analysis we should be doing some trimming of volume," said Daukoru, who is also the oil minister of Nigeria.

"But there are simply too many geopolitical issues at this very time so we have agreed to roll over (production quotas) and to monitor closely if there are any further developments," Daukoru said.

The committee comprises representatives from Nigeria, Iran and Kuwait. Its recommendations are frequently followed by OPEC member states.

The Organization of the Petroleum Exporting Countries, which produces 40.0 percent of world crude, is set to maintain its official production ceiling at 28.0 million barrels per day.

Only Venezuela has so far called for a reduction in the OPEC output ceiling. But the rest of the cartel appears unconvinced of a cut at a time when uncertainty in Iran and unrest in Nigeria have fuelled high oil prices.

The cartel's kingpin Saudi Arabia, the world's biggest producer of crude, on Monday called for OPEC to keep the near 25-year-high oil quota unchanged to help cool oil prices.

OPEC is actually producing more than 29.0 million barrels of crude per day including output from Iraq, which is not included in the official quota.
Cartel ministers will officially meet in Vienna on Wednesday to decide on the production quota.

AFP 03 07 06

Copyright © 2006 AFP. All rights reserved

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