(13 Nov 2000) English/Nat
XFA
The Organization of Petroleum Exporting Countries (OPEC) decided on Monday not to pump any more oil into the market for now.
Ministers from OPEC, finishing official talks in Vienna, warned that supply could soon outstrip demand after four hikes in output this year failed to tame runaway prices.
OPEC argues that it has done its bit to try to cap prices, which are still hovering near 10-year highs, by pumping an extra 3-point-7 million (m) barrels per day this year.
It blames speculation, high fuel taxes and refining bottlenecks for prices that have aroused the ire of consumers grappling with higher gasoline prices and soaring heating bills.
At the news of no immediate output increases, the price of oil rose.
North Sea Brent crude stood at 32-point-12 dollars, up 8 cents on the International Petroleum Exchange in London.
December light, sweet crude futures were up about 45 cents to 34-point-47 dollars in Singapore trading on Monday.
OPEC said in a communique after Monday's meeting that oil production, both OPEC and non-OPEC, has been increased by around 5-point-2 million (m) barrels per day this year.
It said these increases had prevented prices from "skyrocketing" but noted that once all these increases reach the market, overall supply would exceed demand.
OPEC fears there might be a drop in prices next spring when the demand for heating oil tails off.
The Ministers will meet again in Vienna on January 17 to review the market situation.
Some delegates said over the weekend that production cuts will likely be discussed at the January meeting if prices need to be buoyed.
Delegates also rubber stamped a decision to name OPEC President Ali Rodriguez, who is also Venezuelan oil minister, as the cartel's new secretary-general, replacing Lukman.
Algeria's Chakib Khelil replaces Rodriguez as president and will alternate in the post every six months with Nigeria.
SOUNDBITE: (English)
"We've had problems with the taxation, problems with the transport, and a big problem is population."
SUPER CAPTION: Ali Rodriguez, OPEC President
SOUNDBITE: (English)
"Well, we say we are ready to supply any time. The market needs it and we haven't taken any decision to cut output or to do anything drastic at this stage. We take the decision as it comes."
SUPER CAPTION: Chakib Khelil, Algeria Minister of Energy
SOUNDBITE: (English)
"The feeling we have now is that the market is perhaps a little saturated and the stock build-up which is likely to hit us in the face later in the new year, we have to watch it. So it's a matter of being prudent and careful, moderating the prices within a reasonable level, being not one to over do it and put the market in a state of jeopardy."
SUPER CAPTION: OPEC Secretary-General Rilwanu Lukman
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