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OPEC 'most likely' will agree new oil cut Dec 14: senior delegate
Platts
London
Petroleumworld.com 12 09 06
OPEC ministers will "most likely" agree to cut crude production again at
talks in the Nigerian capital Abuja next Thursday, December 14, a senior OPEC
delegate said Friday.He said "almost all ministers" were in agreement that, with consumer
inventories "at their highest ever," the group needed to reduce output for the
second time in two months."As things stand," the delegate said, "you really need to reduce now to
make sure" that inventories are reduced and "to make the market move in a
normal pattern." This, he said, "can not really be done unless you remove the
oversupply."The delegate declined, however, so say how much oversupply existed. Nor
would he predict the likely volume of any OPEC cut. "The numbers will be
decided when they meet," he said.Some delegates have suggested that OPEC could defer a decision on output
to an extraordinary meeting in late January or early February. But the senior
delegate said the impact of a cut agreed early next year would not be felt on
world oil markets until March.--Margaret McQuaile, margaret_mcquaile@platts.com
Platts 08 12 06
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