"OPEC will not cut production at its meeting in Abuja next Thursday."
Saudi-owned newspaper Al-Hayat reported Monday that OPEC would not cut production when ministers meet in Abuja, Nigeria, on Thursday but would hold an extraordinary meeting in Vienna in January to review market developments.

"The draft resolution differs from the version worked out originally and contains changes based on Russia's proposals, which take into account the need to push Iran to sit at the negotiating table."
Russian foreign minister Sergei Lavrov Monday welcomed an amended draft UN resolution targeting Iran's nuclear program, calling it "Russia's proposals," according to the official RIA Novosti news agency.

"The lack of transparency means that the market may think that the building of the stocks will be quicker than it will actually be and it may be a factor [in] increasing [the] price, which is not good for anybody."
The International Energy Agency would like to see greater transparency in China's approach to establishing strategic petroleum stockpiles, the organization's Executive Director Claude Mandil told Platts in an interview Monday.

Updated: 12/11/06