OPEC Unlikely to Curtail Production

[NVMojo]

VIENNA, Austria (AP) -

With oil prices still above $60 a barrel, OPEC ministers likely will keep output steady when they meet this week to set strategies for the spring and early summer.

A warmer-than-usual winter in the United States, the world's largest consumer, has built inventories - which should drive prices lower. But worries about disruptions to supply from places like Iran or Nigeria are keeping prices high.

That adds to the dilemma as the Organization of Petroleum Exporting Countries meets Wednesday to look ahead to the traditionally low-demand season sandwiched between winter and the summer driving season.

"Certainly the producers that I have talked to are worried about the second quarter," said Peter Gignoux, a London-based independent oil analyst. "They see demand tapering off and the prices moving lower. This thought process could be a driver at the meeting."

Venezuelan Oil Minister Rafael Ramirez has called for production cuts in anticipation of lesser demand, but analysts are betting that the 11-member organization will keep output unchanged due to consumer concerns about rising gasoline prices, instability in Nigeria and the threat of attacks on Middle East pipelines.

more...

http://www.lasvegassun.com/sunbin/stories/invest-corp/2006/mar/05/030501221.html

[Earth_First]

1. "Worries about supply from places like Iran..."

Why? What's going on in Iran? :sarcasm:

[NVMojo]

2. Bush and Cheney are getting their little missles ready