Oil stocks high but crude prices still worrying: senior delegate

Oil stocks high but crude prices still worrying: senior delegate

Dubai (Platts)--22May2006

OPEC has no plans to change its oil production ceiling of 28 million b/d
when ministers meet in Caracas June 1 because oil prices are too high and were
expected to remain at current levels moving into the third quarter with the
next US hurricane season approaching, a senior OPEC delegate said Monday.
"Stocks are high. The price is still high and you are approaching the
third quarter and the hurricane season is coming," said the delegate,
requesting anonymity.
"We are worried. We see the price continuing on the high side," the
delegate added, suggesting there was a consensus to maintain current
production.
"Nobody wants to cut," the delegate said.

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