OPEC Holding September Meeting in Japan

The OPEC oil ministers will be meeting next month in Osaka, Japan instead of at the Vienna headquarters. The meeting venue was changed because the International Energy Forum is being held in Osaka on September 21st and several OPEC ministers are included in the forum.

One of the topics on the meeting agenda will be the request of both Algeria and Nigeria for production quota increases. An OPEC source said he did not expect the organization to boost output, except "maybe a modest 500,000 barrels a day to accommodate the requests by Nigeria and Algeria for higher quotas". "I do not think the market can absorb more crude for the time being," he said, adding: "Prices are within a very reasonable range now."