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OPEC set to reduce oil exports, stop 'overproduction'
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SPECIAL TO WORLD TRIBUNE.COM
Monday, May 23, 2005
LONDON — There they go again. OPEC has raised the prospect of a slash in oil
exports.
OPEC president Ahmad Al Fahd Al Sabah said the cartel could reduce
supplies to prevent the increase in global oil inventories. Ahmad, the oil
minister of Kuwait, said OPEC members were exporting about one million
barrels of oil beyond the ceiling set by the cartel.
OPEC oil ministers were scheduled to meet on June 15 in Vienna amid a
drop of more than $11 in the price of a barrel of oil, which peaked at $58
in early May, Middle East Newsline reported.
Ahmad said the cartel would maintain its current output of around
30.3 million barrels per day for at least the next three weeks.
"If the stockbuild is above the agreed-upon levels, which is the
five-year average, then this may be the start of reducing the
overproduction," Ahmad said.
Copyright © 2005 East West
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