Opec predicts no output cuts
January 28, 2005
Washington - Opec will maintain current production levels, making no cuts at a meeting of the oil cartel this weekend in Vienna, Opec's president, Kuwaiti Energy Minister Sheikh Ahmad Fahd al-Sabah, told US television Thursday.
The official, speaking to CNBC television from Davos, Switzerland, predicted the meeting of oil ministers of the Organisation of Petroleum Exporting Countries would agree to the "same ceiling without any cut."
"We are very keen about the stability of the prices in the market," he added.
Global markets have been nervous about a possible move by the cartel to limit production, which could push up prices.
New York's main contract, light sweet crude for delivery in March, edged up six cents to $48.84 a barrel at the close of trade.
In London, the price of Brent North Sea crude oil for delivery in March dipped seven cents to close at $46.44 a barrel. - AFP
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