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'Good likelihood' OPEC won't change oil output in March: Daukoru
Platts
Athens
Petroleumworld.com 02 28 06
OPEC is likely to leave current its current crude output limits unchanged
when ministers next meet on March 15 in Vienna, Nigerian oil minister Edmund
Daukoru said Tuesday."There is a good likelihood current production levels will remain,"
Daukoru told a news conference in the Greek capital, Athens, where he
participated in an energy conference."Markets are very mobile, volatile things," he said.
OPEC ministers late last year agreed crude supply cuts totalling 1.7
million b/d. OPEC secretary general Abdalla el-Badri told Platts Monday that
compliance with the first cut of 1.2 million b/d, which came into force in
November, was 66% and improving, but that it would be the second week of March
before OPEC was able to assess the level of adherence to an additional 500,000
b/d cut which came into effect at the beginning of February.Saudi oil minister Ali Naimi has been quoted recently as saying that if
the current trend in world oil markets continues, OPEC may not need to reduce
supply further in March, although he also made the point that the picture
could change.US light crude futures were trading around $61.90/barrel at 1628 GMT
Tuesday. Heightening international tension over Iran's nuclear program has
helped underpin the current price strength.For more news, request a free trial to Platts Oilgram News at
http://www.platts.com/Request%20More%20Information/index.xml?src=story
or subscribe now at
http://www.platts.com/infostore/product_info.php?cPath=1_29&products_id=29See the Platts OPEC Guide at
http://www.platts.com/Oil/Resources/News%20Features/opec/Platts 27 02 07
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