OPEC renews commitment to pump extra oil into market
Saturday, March 22 2003 - 01:18 AM WIB
OPEC Secretary-General Alvaro Silva Calderon re-affirmed on Friday the cartel's commitment to back up stability of the world oil market and confirmed that the current output ceiling of 24.5 million barrels per day was still in effect, Kuwaiti news agency reported.
In a press release, Calderon said the organization would continue monitoring conditions of the oil market to ensure balance between supply and demand, in light of the ongoing war on Iraq.
OPEC is ready to increase the overall output of oil, following consultations with the oil-producing countries, if conditions warrant so, Calderon said, but he added that the market is already glutted.
Drastic fall of the oil prices, since start of the military operations on Iraq, has indicated that the market is over-saturated, he added. (*)