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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: quehubo3/12/2005 6:09:25 PM
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Official: OPEC Has Reached Output Limit

56 minutes ago Business - AP


ALGIERS, Algeria - OPEC (news - web sites) has reached its production limit, and trying to stretch output by one million barrels per day isn't likely to lower oil prices, Algeria's minister for energy and mines said.

Chakib Khalil said prices were high because of world economic growth — particularly in the United States and China. Algeria is one of the 11 members of the Organization for Petroleum Exporting Countries.

"OPEC has reached its production limits. It doesn't have much production capacity," he said at the opening of an industrial plant in the western town of Arzew, according to newspaper reports on Saturday.

"If it came to a crunch, it has capacity for one million barrels (more per day), and I don't think a production increase would influence the barrel price," he told reporters on the sidelines of the ceremony.

Crude oil futures prices climbed above $54 a barrel Friday after the International Energy Agency estimated global petroleum demand would grow faster than previously expected in 2005.

Light, sweet crude for April delivery rose 89 cents to $54.43 on the New York Mercantile Exchange, while Brent crude climbed 44 cents to $53.10 on London's International Petroleum Exchange.
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