No formal agreement to cut output in October: Opec

Paris, Sept 29 | Updated: Sep 30 2006, 05:30am hrs
Opec members have held talks about the recent fall in oil prices but no formal decision has been taken to cut production, the Vienna-based oil exporters group said.

We know that the president of Opec has been in consultations with member country ministers and as far as the secretariat is concerned, no formal agreement has been reached, said an Opec spokesman.

He did not confirm press reports that several leading members, including Nigeria, Saudi Arabia and Kuwait, had informally agreed to lower their production from October 1. Im going to speak to the president to get clarification on whether he has been able to get any agreement from (them) but officially no, said the spokesman.

Opec president Edmund Daukoru, who is also the Nigerian oil minister, stressed at the last Opec meeting at the beginning of September that he was concerned by the recent abrupt fall in prices.

Some Opec members also suggested that the cartel should seek to keep prices above $60 per barrel.

Oil prices are about 20% lower than their record high of $78.40 reached in July, with New Yorks main contract, light sweet crude for delivery in November, up 95 cents to $63.90 per barrel.

PTI