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OPEC begins meeting on output

Vienna, March 15, IRNA - The 152nd OPEC ordinary meeting started in its Vienna headquarters on Sunday to decide likely production cut.

In an interview with IRNA on Sunday, Iran's Oil Minister Gholam-Hossein Nozari ruled out any difference among OPEC ministers on the cut.

"I do not feel any difference," Nozari said.

He said, "Views and opinions are usually raised but the final decision is eventually pending on all."

Asked about outcome of OPEC's Ministerial Monitoring Committee meeting late Saturday, Nozari told IRNA that the committee was to survey the market.

He said any agreement on outcome of the investigations will be reached in today's session.

OPEC's Ministerial Monitoring Committee met Saturday in Vienna to examine compliance with existing cutbacks.

The committee didn't recommend any course of action for the full OPEC meeting Sunday, which starts with a breakfast meeting at 8:30 a.m. Vienna time. A press conference is tentatively scheduled for 4 p.m. Sunday.

To a question about his expectation of today's meeting, Nozari said, "Let's see what would be outcome of the talks."

He said, "We hold lengthy discussions in the OPEC ordinary meetings. I think debate on oil market situation, global economic conditions, extent of oil demand in the market, strategic reserves and present commercial reserves will be among issues to be talked about by the OPEC members. One of the issues on which the emphasis will be laid is the OPEC members' full compliance with former decisions for a 4,200,000 barrels/day cut."

... Payvand News - 03/15/09 ... --

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