OPEC says oil stocks high but might delay cut until December
The world oil market is over-supplied with inventories at their highest in five years, OPEC officials and Ministers said on Friday, but a decision to cut output will likely be delayed until December. OPEC Secretary General Abdalla Salem El-Badri said ahead of a consultative meeting of the Organisation of Petroleum Exporting Countries in Cairo on Saturday that the "market is over-supplied." Against that background, Iran and Qatar's oil Ministers said the cartel will make a decision on whether to cut output in the face of tumbling crude prices when Ministers meet in Algeria on 17th December. "Here we will prepare some data and maybe the final decision will be in Algeria," Iran's Gholam Hossein Nozari told reporters on his arrival in the Egyptian capital for the OPEC meeting. Qatari Energy Minister Abdullah al-Attiyah also said a decision "will likely be taken in Algeria" to cut production to shore up prices, which have slumped to around USD 50 a barrel from a record high of around USD 147 in July. "We have to discuss the statistics. We will go to Oran (Algeria). We are here to talk," Attiyah said. Ahead of the meeting, OPEC president Chakib Khelil, who is also Algeria's energy Minister, had downplayed the idea of an output cut being announced in the Egyptian capital. "Oil stocks are high... the highest average in the past five years," Attiyah said. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
