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Mix-Ansicht- OPEC kürzt SOFORT die Förderung um 1,5 millionen barrel (owT) - LOMITAS, 10.02.2004, 15:34
- OPEC to Cut Oil Output by 1 Mio Barrels a Day - Helmut, 10.02.2004, 15:47
OPEC to Cut Oil Output by 1 Mio Barrels a Day
-->OPEC to Cut Oil Output April 1, Zanganeh Says (Update1)
Feb. 10 (Bloomberg) -- OPEC, producer of a third of the world's oil, agreed to cut output by 1 million barrels a day as of April 1 to support prices during a seasonal slowdown in demand, Iran's oil minister said.
Iran's minister, Bijan Namdar Zanganeh, reached by telephone by Bloomberg, said he was ``happy with the decision.'' OPEC has targeted output of 24.5 million barrels a day, and ministers are pumping some 1.5 million more than that in an attempt to lower prices. Officials from the Organization of Petroleum Exporting Countries, gathering in Algiers, expressed concern of pumping too much crude in the second quarter.
``It's pumping a lot so some needs to be reigned in,'' said Kevin Norrish, an analyst at Barclays Capital in London.
Oil prices have been above the target of the Organization of Petroleum Exporting Countries since November as members seek to compensate for a weaker U.S. dollar, leading to record industry earnings. BP Plc, Europe's largest oil company, today reported a 2003 profit of $9.5 billion, following earnings of $21.5 billion at Exxon Mobil Corp. and $13 billion at Royal Dutch/Shell Group.
``It's all up to OPEC to control prices,'' BP Chief Executive Officer Lord Browne told reporters in London. And ``OPEC has shown remarkable tenacity and determination in restraining production to manage the price within the band'' of $22 to $28 a barrel that members desire.
A Persian Gulf oil official also confirmed the decision, as did a Qatari delegate meeting with the group.
Dollar Concern
Libya's OPEC delegate, Abdulhasid Mahmoud Zlitni, yesterday said ideal oil prices are between $28 and $35 a barrel and urged members to raise their goals because of weakness in the U.S. dollar, which is hurting their ability to import goods from Europe and Asia.
Brent crude oil gained 34 cents to $29.45 a barrel as of 2:06 p.m. on London's International Petroleum Exchange.
OPEC maintained its quota when members last met on Dec. 4 in Vienna. The group said then that a reduction was likely in February.
The first OPEC meeting of 2004 comes amid forecasts that supply in the 80 million-barrel-a-day world market will exceed demand next quarter by 2.5 million barrels a day or more, partly because of rising output in Russia and other non-member countries.
While OPEC's oil-price index has been above $28 since Dec. 2, the price has dropped 9.6 percent to $28.09 a barrel as of Monday, from a 10-month high on Jan. 13, as concern faded that heating fuel would run short this winter.
Cheating on Quotas
The 10 OPEC members that agree to output quotas, all except Iraq, pledged in September to produce 24.5 million barrels a day. They've surpassed that limit since it took effect Nov. 1, according to Bloomberg estimates, because rising prices give them no incentive to cut back.
OPEC ministers are next scheduled to meet to review output policy on March 31 in Vienna, where the group has its headquarters.
``OPEC thinks prices are fine where they are at the moment,'' said Keith Morris, an oil analyst at BNP Paribas in London. ``OPEC is pumping a lot of oil out, and it could become a problem.''
To contact the reporter on this story:
Alex Lawler in Algiers through the London newsroom
2077 or alawler@bloomberg.net.
To contact the editor of this story:
Tim Coulter at tcoulter@bloomberg.net, or
Willy Morris in Vienna at wmorris@bloomberg.net
Last Updated: February 10, 2004 09:18 EST
<ul> ~ OPEC to Cut Oil Output </ul>
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