Oil market in 'much better' condition now than in October: Naimi

Abuja (Platts)--13Dec2006

Saudi Arabia kept world oil markets guessing Wednesday as to the likely
outcome of OPEC talks in Abuja Thursday, oil minister Ali Naimi saying OPEC
needed to do "a little more" to restore balance between supply and demand, but
adding that oil markets were in "much better condition" than they were when
the cartel last met in Doha in October.
"We said in october the market was out of balance. We took action in
Doha. The market is in a much better situation now than it was in October, but
we need to do a little bit more," Naimi told reporters as he arrived in the
Nigerian capital.
"Already 50 million barrels has been taken out of the market," Naimi
said. He added: "We have done well after our Doha meeting. "We will probably
have to do more of the same. We have to work as a team, out goal is to
stabilize the market."
But Naimi stopped short of saying that OPEC should make an additional
crude output cut in Abuja on top of the 1.2 million b/d agreed in Doha in
October and implemented in November. Asked whether his remarks suggested that
he wanted the meeting to agree a new cut, the Saudi minister said: "Don't
interpret."

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