OPEC Not to Renew Decision to Produce Extra Oil: Qatari Minister
Posted on: Tuesday, 13 December 2005, 09:00 CST
OPEC not to renew decision to produce extra oil: Qatari minister
KUWAIT CITY, Dec. 12 (Xinhua) -- Visiting Qatari Minister of Energy and Industry Abdullah bin Hamad Al-Attiya said on Monday that the Organization of Petroleum Exporting Countries (OPEC) will not renew its decision to pump 2 million barrels beyond the production ceiling due to an excess supply of oil in the market.
After the first session of the OPEC's 138th ministerial conference in Kuwait, Al-Attiya told reporters that there is no need to pump 2 million barrels in a saturated market.
He noted the possibility that the OPEC may decide to reduce production levels in its meeting in January, saying that this is one possibility of many to be discussed during the meeting.
Al-Attiya also said that the meeting will discuss developments of the second and third quarters of next year.
The OPEC's official production ceiling is 28 million barrels per day. In September, it made a decision to increase the actual output to some 30 million barrels a day, which accounts for 26 percent of the global oil output, in response to the price that went up to a record 70.85 dollars a barrel.
It is expected that the total production of the organization may reach 38 million barrels per day by 2010.
Source: Xinhua News Agency - CEIS
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