New oil would come from Saudi, UAE, maybe Kuwait: Kuwait

Vienna (Platts)--14Jun2005

A proposal to give OPEC's president the discretionary power to call for a
second 500,000 b/d production ceiling increase beyond the hike already under
review would result in new, real oil on world markets, President Sheikh Ahmed
Fahed al-Sabah said Tuesday.

The new oil would come from Saudi Arabia, the UAE and possibly Kuwait and hit
the market at the end of July or early August, if the second quota hike is
implemented, Sheikh Ahmed told reporters. "We think demand in the fourth
quarter will jump from 29-mil b/d to 30.5-mil b/d. For that, we have to
increase our production to prepare for the fourth quarter," he said, adding
that the new oil from a possible second quota hike would start pumping "at the
end of July or beginning of August."

Sheikh Ahmed also said a "good number" of OPEC members support the two-pronged
ceiling hike. "We have a good number, but not everybody," he said, adding it
appeared "everybody" was in support of the initial 500,000 b/d increase to
28-mil b/d.

This story was originally published in Platts OPEC Guide
http://www.platts.com/Oil/Resources/News%20Features/opec/index.xml

Copyright © 2005 - Platts

Please visit:  www.platts.com

Their coverage of energy matters is extensive!!.