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OPEC member countries are unlikely to change the amount of oil production, at least until the end of next March, Saudi Petroleum and Mineral Resources Minister Ali Ibrahim al-Naimi said on Sunday.

OPEC member countries are unlikely to change the amount of oil production, at least until the end of next March, Saudi Petroleum and Mineral Resources Minister Ali Ibrahim al-Naimi said on Sunday.

He said they do not think it necessary to limit the production, but the issue would be discussed alongside the world oil prices at a session of the OPEC Conference, which opens in Al Kuwait on Monday.

On Saturday Kuwaiti Energy and Oil Minister Ahmad Fahd al-Ahmad al-Sabah hinted that Kuwait preferred world oil prices of $ 35-55 per barrel. He said he would offer the session to think about a price corridor.

OPEC countries abandoned the previous price corridor of $ 22-28 per barrel early this year, and prices reached the record $ 70.85 per barrel in New York on August 30. The world economic growth slowed down, and prices reduced to about $ 60 per barrel.

OPEC oil prices fluctuate at $ 55-56 per barrel, which is about 40% higher than last year.

Eleven member countries of the oil cartel daily supply 30 million barrels of oil to the world market. Saudi Arabia supplies about one-third of OPEC oil, 9.5 million barrels a day.

A possible increase of the OPEC oil production by 2 million barrels a day for the next three months was considered after Hurricane Katrina in the United States. So far, this increase is unnecessary, and not a single oil importer has asked for larger deliveries. The problem is that the additional two million barrels would be mostly produced in Saudi Arabia, and Saudi oil is difficult to refine.

OPEC plans large investments in the oil producing industry in the next few years, and the daily production of 38 million barrels.

The current quota of ten OPEC member countries excluding Iraq is 28 million barrels a day. In the opinion of cartel experts, the demand for OPEC oil in the first quarter of next year will daily make 29.8 million barrels, but it will drop to 27.7 million barrels in the second quarter, when winter frosts are gone.

Source : www.itar-tass.com

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