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OPEC downgrades oil production plans
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SPECIAL TO WORLD TRIBUNE.COM
Wednesday, December 14, 2005
ABU DHABI — OPEC has decided to maintain current oil production and to forego planned increases.
The cartel decided to withdraw from an earlier offer to utilize spare
capacity in an effort to reduce oil prices. OPEC oil ministers said
additional production would create a glut in the market, Middle East Newsline reported.
"Current levels of production will be adequate, if fully observed, to
balance the market for the first quarter of the year [2006]," OPEC said in a
statement after its meeting in Kuwait on Monday.
As a result, official OPEC capacity remains at 28 million barrels a day.
The organization plans to meet on Jan. 31 to discuss oil demand in the
spring of 2006.
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