OPEC president says has "support" for keeping output steady

Vienna (Platts)--2Dec2005

OPEC President Sheikh Ahmed Fahd al-Sabah said Friday that there was
support within the cartel for his suggestion to leave crude output steady at
near 25-year highs in order to allow stocks to build.

     "I have support for my proposal," Sheikh Ahmed told reporters in Vienna,
where top officials from OPEC and the European Union are due to meet later
Friday to discuss the oil market.

     The OPEC president said late Thursday that the group should maintain
supplies to let stocks held by the oil industry in OECD countries build to 56
days' worth of demand cover from 52 now, adding the higher level may be
reached by the end of March.

     Sheikh Ahmed added Friday that OPEC ministers at their Dec 12 meeting in
Kuwait would discuss whether to extend an offer of the group's offer of 2-mil
b/d of spare output capacity into 2006. "We will discuss it in our next
meeting," he said.

     Kuwait is currently producing 2.7-mil b/d and has "no problem" with its
crude production, he said.

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