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Saudi Arabian Official Says OPEC Will Not Alter Output Ceiling Nextmonth

Posted on: Sunday, 27 November 2005, 09:00 CST

Saudi Arabian official says OPEC will not alter output ceiling next month

RIYADH, Nov. 26 (Xinhua) -- Oil cartel OPEC will not consider altering its production ceiling at a ministerial meeting next month, a senior Saudi Arabian official said on Saturday.

Oil Minister Ali bin Ibrahim al-Nuaimi told reporters the Organization of the Petroleum Exporting Countries (OPEC) always commits itself to maintaining the stability and fairness of oil prices to safeguard the common interests of oil producers and consumers and ensure the balance of world economies.

Saudi Arabia also takes the stability of crude prices as one of its prior concerns and has been taking measures to curb price fluctuations on the international crude market, al-Nuaimi said after a meeting of Gulf Cooperation Council oil ministers here.

The official said the current oil price hikes were caused by multiple factors, most prominently, speculations on the international market, the scarcity of refineries and the limited capacity of operating refineries.

Crude prices now range between 55 and 58 dollars a barrel after hitting a record high of over 70 dollars in August. OPEC's current official output ceiling stands at 28 million barrels per day.

Source: Xinhua News Agency - CEIS

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