Increase in crude oil production by OPEC even at additional deliveries of 300-400 th barrels per day will not reduce prices essentially - experts

/IRBIS, March 30, 00/ - The Iranian agency IRNA with the reference to the experts of the London's Centre for Global Energy Studies informs that the increase in crude oil production by OPEC even at additional deliveries of 300-400 thousand barrels per day will not reduce oil prices essentially. The net production growth by 1.1 million barrels per day will, most likely, result in prices reduction from 30 dollars / barrels (Brent) during 2 and 3-rd quarters to 26-27 dollars / barrels. Iran, which one has not accepted OPEC decision, most likely, will increase production to the level of existed before March, 1999 limitations. In result the total increase of production will make 1.7 million barrels per day. With allowance for earlier real production exceeded 1 million barrels per day quotas; the net growth will make 770.000 barrels per day, and with allowance for additional probable 400,000 of barrels per day deliveries - approximately 1 million barrels per day. Besides there are two more factors, which can affect prices: degree of limits observance and Iraq's production. Iraq declared that for 2 months it can augment production by 700,000 barrels per day, but even in this case the effect will be visible not earlier than in the end of 2000.