OPEC
Pres: No need to cut oil output next week
OPEC's
president and Nigeria's oil minister, Edmund Daukoru
By Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 01 26 06
OPEC's president and Nigeria's oil minister, Edmund Daukoru, said
in an interview with Bloomberg television at the World Economic
Forum in Davos, Switzerland that OPEC doesn't need to cut oil
output next week in the face of high oil prices.
OPEC
will meet Tuesday in Vienna to review its oil output policy for
the 2Q.Opec memebrs expect oil prices to dip, but not sharp fall,
Daukoru said.
Saudi
Arabia, Ali Naimi said earlier in the week, that he didn't see
the need for OPEC to change its policy next week.
Daukoru
said OPEC currently has 1.5 million to 2 million b/d of spare
output capacity.
World
oil prices fell sharply on Wednesday following news of rising
distillates and gasoline stockpiles in the United States.
New York's main contract, light sweet crude for delivery in March,
sank 1.21 dollars to close at 65.85 dollars a barrel.
In London, the price of Brent North Sea crude for March delivery
plummeted 1.11 dollars to a close of 64.23 dollars a barrel.
Crude futures on Monday had breached 69 dollars in New York for
the first time in more than four months on global supply concerns
linked to Nigeria and Iran.
-
Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas
Petroleumworld 01/26/06
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