Overproduction dominates OPEC's talks in Vienna: Report

OPEC Secretary-General Alvaro Silva Calderon said on Thursday that concerns about overproduction would dominate the OPEC ministerial meeting due to be held here later today.

In a statement broadcast by the OPEC News Agency (OPECNA), Calderon stated that the discussions would be focused on guaranteeing oil supplies to the markets, striking a balance between supply and demand particularly during the 2nd and 3rd quarters of 2003.

The OPEC's 122nd meeting would review the world economic developments and their impact on oil demand as well as the expected oil demand in the 1st quarter of 2003, he said.

The ministers would consider proposals that includes increasing OPEC's production ceiling coupled with strict commitment to quotas or sticking to current production levels, he disclosed.

Commenting on the oil worker's strike in Venezuela, Calderon, a Venezuelan, expressed optimism towards reaching a political solution to this problem. (*)