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OPEC says 'no formal agreement' to cut output in October
AFP
PARIS
Petroleumworld.com 09 29 06OPEC members have held talks about the recent fall in oil prices but no formal decision has been taken to cut production, the Vienna-based oil exporters group said on Thursday.
"We know that the president of OPEC has been in consultations with member country ministers and as far as the secretariat is concerned, no formal agreement has been reached," said an OPEC spokesman.
He did not confirm press reports on Thursday that several leading members, including Nigeria, Saudi Arabia and Kuwait, had informally agreed to lower their production from October 1.
"I'm going to speak to the president (...) to get clarification on whether he has been able to get any agreement from (them) but officially no," said the spokesman.
OPEC President Edmund Daukoru, who is also the Nigerian oil minister, stressed at the last OPEC meeting at the beginning of September that he was concerned by the recent abrupt fall in prices.
Some OPEC members also suggested that the cartel should seek to keep prices above 60 dollars per barrel.
Oil prices are about 20 percent lower than their record high of 78.40 dollars reached in July, with New York's main contract, light sweet crude for delivery in November, up 95 cents to 63.90 dollars per barrel on Thursday.
Prices dipped briefly below 60 dollars per barrel on Monday.
For the moment, OPEC does not envisage calling an emergency meeting to sanction a cut in the organisation's output quota, which has remained at 28.0 million barrels per day since June 2005, the spokesman said.
AFP 28 2114 GMT 09 06
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