OPEC Holds Output Steady

OPEC output levels are likely to remain the same throughout 2002 if there are no important changes in fundamentals or politics, Emirati Oil Minister Obeid bin Seif al-Nasseri said Monday.

"OPEC has discussed changes in the oil industry and the balance between supply and demand," stated Nasseri. "We already have an agreement to keep at the same level for six months. But if there are no important changes in fundamentals or politics we'll probably leave it for the whole year," he said.

On compliance by 11 members of the oil cartel to their quotas, Nasseri, whose country has an OPEC output quota of 2.025 million bpd, said he was "so far satisfied." "The decision was taken (to cut output) in December but it was difficult for most countries to comply fully in January. We have to see (what) compliance (will be like) in February and March." Overall OPEC output in January was more than one million barrels per day (bpd) above target.


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