Kuwait Supports OPEC in Raising Extra Oil Supply: Official
Posted on: Sunday, 11 December 2005, 09:00 CST
Kuwait supports OPEC in raising extra oil supply: official
KUWAIT CITY, Dec. 10 (Xinhua) -- Kuwaiti Minister of Energy Sheikh Ahmad Al-Fahad Al-Ahmad Al-Sabah Saturday said that his country supported the renewal of OPEC decision on supplying the market with an additional two million barrels of oil per day (bpd) if the world demands rise.
Sheikh Ahmad, whose country holds the rotating presidency of the Organization of Petroleum Exporting Countries (OPEC), was quoted by the Kuwait News Agency as saying that if the world oil market needs more, Kuwait will support the OPEC to increase the supply.
OPEC may hold a meeting next January or February before the scheduled Vienna meeting in March to discuss the status of the oil market and developments on the second quarter of 2006, he said.
On Friday, Sheikh Ahmad announced that OPEC will hold a ministerial meeting here Monday to chart production policy for the early part of next year, but no reduction in OPEC's current level of production will be tackled at the Monday meeting.
The oil producer group would sustain its current ceiling of production for the meantime, he told reporters, adding "I made a proposal to the ministers that we should continue with our production level without changing anything."
Analysts remain nervous that prolonged cold weather could drain stocks of heating oil as the world's overstretched refining system cannot cope with any sudden surge in demand.
In its efforts to control prices, OPEC is pumping near full capacity at around 30 million barrels per day, over-shooting its 28 million bpd official output ceiling.
In September, the group said it would offer up all of its two million bpd of spare oil if the market needs it.
Established in 1960, OPEC groups Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.
Source: Xinhua News Agency - CEIS
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