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| | Posted by admin on Tuesday, April 04, 2006 - 08:01 AM |
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|  | ABUJA - Opec is
likely to keep output at near-maximum levels as oil prices are at about
$67 a barrel, within sight of record highs, the producer group’s
president Edmund Daukoru said today.
Reuters
Daukoru, who is also Nigeria’s
Minister of State for Petroleum, said he remains committed to keeping
US crude between the upper $50s to lower $60s, a price range the world
economy can live with.
Asked by reporters if he expected Opec to cut its output
ceiling when ministers next meet in June, Daukoru said: "Not at this
price level."
"Honestly, I don’t see it," he added.
Opec, the source of more than a third of the world’s
oil, agreed at a March 8 meeting to keep output near 25-year highs in a
bid to lower prices and offset concern about major disruptions to
supplies from Nigeria and Iran.
Prices between the upper $50s and lower $60s a barrel
for West Texas Intermediate crude encourage investment in new supplies
without hindering economic growth, Daukoru said.
"I have said upper 50s to lower 60s for West Texas, that’s what I’ve always said,"he told reporters.
Opec ministers will consult informally at the
International Energy Forum, a round table of oil producers and
consumers, starting on April 22 in Doha, acting Opec secretary general
Mohammed Barkindo said today.
The 11-nation group’s next formal meeting is scheduled for June 1 in Caracas, Venezuela.
Daukoru’s comments on the prospects forOpecoutput follow
similar remarks yesterday by the oil minister for Qatar, also a member
of the Organisation of the Petroleum Exporting Countries.
"The price as it is now, nothing will happen," Qatar’s Abdullah al-Attiyah said when asked about the June meeting.
The global economy could absorb oil prices of $60 per barrel, the Qatari minister said.
Daukoru also reiterated Opec’s call for consuming countries to publish more transparent information on oil demand.
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