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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Tommaso who wrote (12446)	9/29/2004 8:43:08 AM
From: mishedlo	Read Replies (2) of 116555

OPEC says can raise output; may take ´whatever action´ necessary - Wednesday, September 29, 2004 10:36:24 AM afxpress.com OPEC says can raise output; may take 'whatever action' necessary - UPDATE (Updating with more comments from OPEC president Yusgiantoro, background) JAKARTA (AFX) - The Organization of Petroleum Exporting Countries (OPEC) said it can increase oil production by 1.5-2.0 mln barrels per day (bpd) and pledged to take "whatever action" is necessary to protect the interest of the global economy "We will continue to carefully monitor the market situation and take whatever action is deemed necessary in the interest of the world economy," OPEC president Purnomo Yusgiantoro said in a statement "OPEC is capable of bringing a further 1.5-2.0 mln barrels per day of production to the market if required," he said He said Iraq has been able to produce 2.5 mln bpd of oil in spite of constant security threats against its production and distribution facilities Yesterday, crude for November delivery climbed to a high of 50.47 usd on the New York Mercantile Exchange before closing up 26 cents at 49.90 Analysts said the oil price hike followed supply disruptions in the wake of the hurricane attacks in the Gulf of Mexico and the US Yusgiantoro said unrest in oil producing Nigeria, where rebels threatened to attack oil installations, and the legal problems at Russia's oil giant Yukos contributed to higher oil prices "This tension has understandably caused considerable speculation in oil futures trading, with a high level of uncertainties instilling what has been referred to as a fear factor into the market place," he said He said OPEC ministers will keep in close consultation with one another to calm the market OPEC will continue to address problems associated with supply and demand, although market fundamentals are not behind the current rise in oil prices, he added

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