All OPEC ministers have pledged to cut output: delegate

All OPEC ministers have pledged to cut output: delegate

Abu Dhabi (Platts)--8Nov2006

All OPEC ministers have pledged sincerely to implement their cut in full
from actual production, an OPEC delegate said Wednesday.
"The EIA is wrong," the delegate told reporters in Abu Dhabi.
The US Energy Information Administration in its Short Term Energy Outlook
released Tuesday forecasted OPEC 10's production for November at 27.025
million b/d, down 745,000 b/d from the agency's estimate of the cartel's
output in October.
That means the group will fall 455,000 b/d short of its planned 1.2
million cut, which went into effect November 1, EIA said.
OPEC decided last month in Doha, Qatar, to cut production by 1.2 million
b/d from November 1, using a baseline of 27.5 million b/d for the OPEC 10 and
putting their new limit at 26.3 million b/d. While the cartel listed how much
each country was to cut, it did not disclose specific overall production
targets for its members.
A Saudi delegate earlier stressed that the kingdom had implemented its
380,000 b/d cut in full.
Meanwhile, Qatari oil minister Abdullah Al-Attiyah in response to the EIA
report said: "I cannot say now. We have to wait until we meet in Abuja."
OPEC is due to meet in the Nigerian capital of Abuja December 14.

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