Chakib Khelil, president of the Organization of Petroleum Exporting Countries and Algeria's oil minister, said late Wednesday in the Abu Dhabi Television, that there are no differences within OPEC regarding a target price for the OPEC oil basket.
He sees the $25-$28/bbl upper end of range the group's basket target range a desirable goal. OPEC's third-largest producer Venezuela this week said it wants to see prices hold in the $25-$28/bbl upper end of the group's basket target range.
Speaking in Television, Khelil said he expects global oil demand to drop by 1.5 million barrels a day in the second quarter of this year and to rise by the same amount in the third quarter, this will make OPEC's output decision at its March ministerial meeting difficult.
"The production levels that OPEC decides on will require careful study," Khelil said, adding that the U.S. economic slowdown will also have to be taken into account.
In January, OPEC decided to cut output by 1.5 million b/d starting Feb. 1. and the basket price stood at $26.90/bbl on Wednesday.
© 2001 Mena Report (www.menareport.com)
