OPEC unable to boost output until 2005: Venezuela's Ramirez

Caracas (Platts)--16Aug2004

Most OPEC oil producers will be unable to boost their output until 2005,
Venezuela's energy minister Rafael Ramirez said in remarks published Sunday.

Ramirez said in an interview with Venezuelan newspaper Panorama that OPEC
ministers would discuss at their next conference on Sep 15 the question of how
much capacity OPEC will be able to bring on early next year, but he added that
there appeared to be little possibility of bringing on new capacity in 2004.
"At the September meeting we will evaluate how much capacity OPEC can tap
early next year," Ramirez said. "For this year we don't see it as possible."
Even as oil prices closed Friday at new record highs of $46.58/bbl for US
light crude futures in New York and at $43.88/bbl for North Sea Brent on
London's International Petroleum Exchange, Ramirez said he saw prices rising
further. "The price seems to be in a situation of sustained ascent," he said,
citing the situation in Iraq. "There's little OPEC can do, it's close to
reaching its (maximum) production levels."

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