Abuja (Platts)--14Mar2006
OPEC could meet soon if global crude prices remain below the $60/barrel or move lower, leaving open the possibility of holding a meeting in Qatar's capital Doha in April, OPEC president Edmund Daukoru said Tuesday. "We agreed to confer if prices should misbehave, in the sense of either taking a big dip or taking a super hike," Daukoru told reporters on the sideline of an energy conference in Abuja. OPEC ministers meeting in Vienna March 8 sealed a widely expected deal to maintain current crude output levels, officially set at 28 million b/d, and to meet again June 1 in Venezuela. Current high oil prices effectively made it impossible for OPEC to contemplate cutting production, and the geopolitical concerns partly supporting prices were pushed into the spotlight again as Iran's dispute with the international community over its nuclear program escalated. "We had made the point that if price gets to upper the $60s for West Texas, we will start to worry about alternatives and also when it gets too low to maintain investment," he added. "But right now it is okay as prices jump around between the upper $60s and lower $60s." OPEC Ministers have signified their intention to attend next month's World Trade Organization Doha round of talks, Daukoru told Platts. "Most ministers I know have said they will attend the Doha meeting," he said. "We will use the occasion to interact on developments in the international market." For more information, take a trial to Platts Oilgram News at http://www.platts.com/Request%20More%20Information/ Copyright © 2005 - Platts
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