Many OPEC ministers to support maintaining current production quotas

VIENNA, Jan 28 (AFP) - Many OPEC ministers are ready to support maintaining the oil cartel's production at current levels, OPEC president Kuwaiti Oil Minister Sheikh Ahmad Fahd al-Sabah said Friday.
"I think a lot of members will support continuing with the same" level of production, currently at 27 million barrels per day (bpd), Fahd al-Sabah said on arriving in Vienna for a ministerial meeting Sunday of the 11-nation Organization of Petroleum Exporting Countries.
The Kuwaiti minister said OPEC thinks oil prices are "very high."
"A lot of members, I have already communicated with them. They are very keen to sustain the production for this meeting," he said.
But he said growing stocks and warmer weather in spring, could force prices to drop and in this case "in the second quarter there will be an oversupply, and I think we will need top cut" production, Fahd al-Sabah said.

01/28/2005 19:40 GMT - AFP