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Qatar' Al Attiyah:Opec is unlikely to alter production quotas
Petroleumworld
CARACAS
Petroleumworld.com 06 23 06
Qatar Oil Minister Abdullah Al Attiyah said Tuesday, Opec is unlikely to alter production quotas when it meets in September, unless the oil market get some important changes. Al Attiyah there is no shortage of oil at the moment.
"There is no shortage of oil at the moment," Al Attiyah said."If the price remains the way it is now, we will roll it over like we did at our last meeting."
Opec in its last meeting early June in Caracas kept its production quota unchanged
"From here to September 11 when we meet in Vienna, I cannot predict what will happen," he added, "but from where I see it now, we will roll it over."
World crude prices eased slightly on Friday but remained supported by strong demand for motor fuel in the United States and lingering geopolitical tensions in the oil-rich Middle East.
New York's main contract, light sweet crude for delivery in August, slid nine cents to 70.75 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for August delivery lost ten cents to 69.85 dollars per barrel in electronic trading.
US crude oil prices would have to fall well below $60 a barrel before Opec would consider cutting production, Al Attiyah said last week, a level sharply below the current $69 and analysts' forecasts for an average over $65 in 2006.
Petroleumworld 22 06 06
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