OPEC to broach 2001 supply glut fears at Vienna

Published November 12th, 2000 - 02:00 GMT

OPEC nations will discuss growing fears that excess supplies of oil next year could drive prices too low at a weekend meeting of energy chiefs here, the Qatari oil minister said here Friday. 

 

Speaking to AFP soon after his arrival, Abdullah al-Attiyah said that the focus had already shifted from this year's scenario of supply shortfall and high prices to concerns of a glut. 

 

"We are concerned about what will happen next year," al-Attiyah said. "I believe that we should concentrate on a review of the market and the forecasts for next year. 

 

"Many analysts are predicting a supply overhang of more than three million barrels a day by the sector quarter maybe earlier," he said. 

 

But al-Attiyah said that oil ministers would not discuss concrete output increases or cuts at the weekend meeting.  

 

OPEC has increased output four times this year to bear down on prices, which have spiralled amid concerns that supply will not be able to match demand.—AFP. 

©--Agence France Presse. 

 

© 2000 Mena Report (www.menareport.com)

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