OPEC will not cut output at next meeting at current prices: Qatar

Paris (Platts)--7Apr2006

OPEC will not cut production when minister meet in Caracas June 1 while
prices remain at current levels, Qatar's oil minister Abdullah al-Attiyah
said Friday.
"If the price stays as it is, there are no reasons to cut the production
in Caracas," Attiyah said on the sidelines of the Petrostrategies conference
in Paris.
OPEC has held supply roughly steady around 28-mil b/d and judging recent
remarks by several OPEC officials, is likely to be maintained for now.
OPEC president Edmund Daukoru Thursday said the cartel does not need to take
any action in Caracas while oilprices remain stubbornly high and concerns
remain over supply disruptions in Nigeria.
"No one in their right mind would contemplate a cut. And if we did
formally raise the quota, it would be for marke psychological reasons because
we are all in agreement for keeping the market supplied," Daukoru told Platts.
May IPE Brent crude futures were trading at $66.96/barrel, down 88cts, at
1203 London time (1103 GMT).

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