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OPEC president says no plan to cut oil production: report
Reuters
OPEC President Edmund Daukoru
AFP
LAGOS
Petroleumworld.com 08 25 06
OPEC has no plans to cut production or return to a quota system, at least for the rest of the year, the News Agency of Nigeria reported Thursday, quoting Nigeria's Oil Minister and OPEC President Edmund Daukoru.
"Unless something extraordinary happens, I do not see a return to quota system or a cut in production soon," the agency quoted Daukoru as saying.
"We will continue to produce to show the market that there is an excess in production, and that high oil prices are more as a result of limits in refining capacity."
OPEC currently produces more than 28 million barrels of crude per day and Dauikoru said it was more concerned with stabilising oil prices than a cut in production.
Oil-rich Nigeria is a leading member of OPEC and world's sixth largest crude producer, with a daily output of 2.6 million barrels.
AFP 24 1122 GMT 08 06
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