OPEC: Oil production will not rise till November 12

/IRBIS, Oct 11, 00/ - Moscow AK&M agency had informed that the Qatar minister of oil industry and Iran representative in OPEC announced that issue of oil production quota increase will not be raised until next OPEC meeting. This meeting will be held Vienna on November 12. By their opinion, present oil supply conforms to demand and further production increase would cause overproduction crisis. Moreover, Qatar representative claimed that OPEC would go further to avoid supply crisis. It could decrease oil production and exporting quota in the second quarter of 2001. Investors consider that oil products supply in wintertime will not be sufficient. Additional pressure arises from two factors. Firstly, API agency informed that oil products volume in the USA oil bunkers decreased for the last week by 2.8%. Secondly, Saudi Arabia claimed that it would take adequate measures in case Israeli aggression against Lebanon and Syria. This oil embargo could lead to oil price rise as it already was in 1973. Today, at IPE (London) November futures contract price increased at 14GMT by 1.26% to $32.25 comparing to previous day closing.