OPEC May Cut Oil Output in March If Demand Dwindles, WSJ Says
2008-01-29 01:37 (New York)
By David Altaner
Jan. 29 (Bloomberg) -- OPEC may cut its oil output in March
if stockpiles increase and demand dwindles, the Wall Street
Journal said, citing unidentified ministers and officials.
The 13-member Organization of Petroleum Exporting Countries
may have a tough time this year deciding whether to boost or
decrease production, the newspaper said. A U.S. recession could
curb the growth in global demand, yet China and the Middle East
are still using more oil, the Journal said.
Saudi Arabia, United Arab Emirates and Angola may have
quietly added 1 million barrels a day to production last year to
help boost supply, the newspaper said.
This year, OPEC's capacity could increase by up to 1.4
million barrels a day, as projects in Saudi Arabia, Angola and
Nigeria start up, the Journal said. Non-OPEC supply may rise,
leaving organization leaders with a dilemma over forecasting
demand in a slowing U.S. economy, the newspaper said.
--Editors: Chris Peterson, Victoria Richards
To contact the reporter on this story:
David Altaner in London at +44-20-7330-7397 or
[EMAIL PROTECTED]
To contact the editor responsible for this story:
Malcolm Fried in Amsterdam at +31-20-589-8530 or
[EMAIL PROTECTED]
[TAGINFO]
NI OIL
NI CMD
NI NRG
NI CRUDE
NI OPEC
NI OILMARKET
NI AFRICA
NI LATAM
NI SAUDI
NI KUWAIT
NI UAE
NI QATAR
NI IRAN
NI ANGOLA
NI NIGERIA
NI ALG
NI LIBYA
NI INDO
NI IRAQ
NI VENZ
NI ECUA
NI FX
NI US
NI SUM
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-0- Jan/29/2008 06:37 GMT
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