OPEC communique confirms no change to current output quotas

Kuwait City (Platts)--12Dec2005

OPEC issued a formal communique Monday confirming a decision to leave
crude production quotas unchanged for the time being. Ministers decided at a
meeting in Kuwait City earlier Monday that current supply levels would be
adequate for the first quarter of next year, the communique said.
     Ministers have also agreed to meet Jan 31 in Vienna to review oil market
conditions ahead of the second quarter, when demand for oil typically falls
after the peak winter demand season in the norther hemisphere.
     Answering questions after issuing the statement, the group's current
president Sheikh Ahmed Fahed al-Sabah said OPEC was ready to cut production
before the second quarter of next year if needed.
     "Whenever we need to cut we will cut. we do not want the negative
reaction of oversupply in the market," he said.

For more OPEC news, request a free trial to Platts Oilgram News at
http://www.platts.com/Request%20More%20Information/

Please visit: www.platts.com

Their coverage of energy matters is extensive!!.