OPEC president says no cuts from ceiling or oversupply

OPEC president says no cuts from ceiling or oversupply

Kuwait  (Platts)--1Jun2005


OPEC President Sheikh Ahmed Fahed al-Sabah said Wednesday the group was likely
to keep its ceiling and actual production, including above-quota leakage,
unchanged when ministers meet in Vienna June 15. "I started consulting with
some of my colleagues...I think...we will continue to maintain with our
production now and this is what will be...unless there is something unexpected
in our meeting in June," Shekh Ahmed, who is also Kuwait's oil minister, told
reporters. 

Asked if he was referring to the 27.5-mil b/d ceiling or oversupply, which
Platts estimates at 600,000 b/d in April for the ten OPEC members bound by
quotas. "We will keep the ceiling the same and even the production will
continue the same." Asked if this meant the group would allow overproduction
to continue without absorbing the excess into its ceiling, he said they would
continue to maintain their current production. Asked if there might be an
output cut in the third quarter, he said current levels would be maintained
into the third quarter.

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