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Mix-Ansicht- Market Has Enough Supplies - KEEP-COOL, 20.03.2003, 19:06
Market Has Enough Supplies
-->OPEC President Says Market Has Enough Supplies (Update1)
By Sean Evers
Doha, Qatar, March 20 (Bloomberg) -- OPEC president Abdullah bin Hamad al-Attiyah said world oil markets are ``more than'' adequately supplied, after crude prices declined almost 6 percent with the start of a U.S.-led attack on Iraq.
``There is plenty of oil out there at the moment,'' al- Attiyah, who is also the oil minister for Qatar, said in an interview. The Organization of Petroleum Exporting Countries ``is prepared to protect'' the group's target price range of $22 to $28 a barrel, and ``may cut output in the coming weeks if necessary,'' he said.
Crude oil slid to a three-month low on speculation the U.S.- led war against Iraq would be short, limiting disruptions to supplies from the Middle East. Crude oil for April delivery fell as much as $1.88 to $28 a barrel in after-hours electronic trading on the New York Mercantile Exchange as of 7 a.m. in London.
OPEC producers haven't boosted output today in reaction to the start of the war, al-Attiyah said.
``We will wait to see how the situation unfolds before taking action,'' he said, and added that oil exports from Persian Gulf producers, including Saudi Arabia, have not been reduced.
The Qatari minister could not confirm what impact this morning's attack has had on output from Iraq, OPEC's third-largest producer.
U.S. forces attacked Iraq this morning 90 minutes after Hussein defied an ultimatum from Bush to leave Iraq by 8 p.m. Washington time yesterday. President George W. Bush said he took the offensive because the Sept. 11 terrorist strikes on New York City and Washington forced the U.S. to change its defense policy to include preemptive action against groups or countries that pose a threat.
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