World crude market has 1

World crude market has 1-mil b/d supply excess: OPEC official

London (Platts)--30Nov2004


World oil markets are oversupplied by about 1-mil b/d as OPEC pumps more crude
than its official ceiling in a bid to lower prices, the group's acting
secretary general said Tuesday. "There is maybe 1-mil bbl of excess supply,"
Maizar Rahman, Indonesia's OPEC governor and the acting secretary general at
OPEC's Vienna headquarters told Platts in a telephone interview from Vienna.

"OPEC production is over 30-mil b/d now, whereas our quota is 27-mil b/d and
production from Iraq is about 2.3-mil b/d." OPEC meets Dec 10 in Cairo to set
output policy for the first quarter of 2005, and some members of the group,
including Iran, have called for members to reduce production to avert a drop
in prices. US light crude futures have declined 11% from a record $55.67/bbl
reached Oct 25.

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