  |
|
OPEC will not hold emergency meeting: OPEC presidential source
AFP
LAGOS
Petroleumworld.com 10 11 06OPEC will not hold an emergency meeting to discuss a cut in its oil production, which is to be decided by individual OPEC members, a source close to OPEC president and Nigerian oil minister Edmund Daukoru told AFP Wednesday.
The source said that there would not be an emergency meeting, and that any action to reduce daily production by one million barrels a day would "not be an 'OPEC decision' as such" but a "voluntary decision by each member".
But the source said that the overall production cut -- which aims to contain a fall of the oil price and has been under discussion for several days by members of the Organization of Petroleum Exporting Countries -- could total one million barrels per day.
The current production ceiling for the cartel, which groups eleven of the world's major oil producers, is fixed at 28 million barrels per day.
Consultations among OPEC members were continuing, the source said.
The Kuwaiti minister of energy Ali al-Jarrah al-Sabah had said the day before that the cartel's 11 member-nations were examining a possible reduction of 700,000 to one million barrels per day.
Nigeria has already decided on a reduction of five percent.
Crude oil prices fell in response to the remarks. New York's main contract, light sweet crude for delivery in November, dropped 46 cents to 58.06 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for November delivery slid 51 cents to 58.83 dollars per barrel in electronic trading.
Crude futures had slumped by more than a dollar on Tuesday as traders cast doubt on the chances of the OPEC cartel cutting its production.
AFP 11 0924 GMT 10 06
Copyright© 2006 AFP. All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels