US' Bodman 'disappointed' with OPEC cut but grateful for delay

Singapore (Platts)--15Dec2006

The US is disappointed that OPEC decided to put in place the framework
for a second cut in crude oil production, but relieved to see that the cut
will not come into effect until February 1, US Secretary of Energy Samuel
Bodman said in Beijing Friday.
"I am disappointed that there is in fact a 500,000 b/d cut but I am
gratified that the OPEC ministers are putting off the cut," said ahead of a
key summit with counterparts from China, India, South Korea and Japan.
Earlier Friday, speaking in Tokyo, Japan's Minister of Economy, Trade and
Industry, Akira Amari, described OPEC's decision to cut additional output as
being "extremely dangerous" for global economic growth.
"I must express great concern if the OPEC minsters' decision is aimed
at maintaining crude oil prices at high levels for their own profits," Amari
told a press conference in Tokyo.
OPEC's decision on Thursday to reduce output by 500,000 b/d from February
1 will take the combined output target for its ten members bound by production
accords to 25.8 million b/d.
The latest reduction follows a 1.2 million b/d cut which came into effect
at the start of November.

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