RPT-UPDATE 2-Qatar oilmin sees no dramatic change in OPEC output

Wed Nov 11, 2009 10:18am GMT
 
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(Refiles to insert dropped word "OPEC" in headline)

* OPEC to carefully discuss market, no dramatic policy change

* Inventory levels "very high", market is comfortable

* Concerns emerge over global supplies as demand recovers (Adds details)

By Judy Hua and Felicia Loo

SINGAPORE, Nov 11 (Reuters) - Oil producer cartel OPEC is unlikely to substantially alter output plans when it meets next month as oil inventories are high and there is no shortage in the market, Qatar Oil Minister Abdullah al-Attiyah said on Wednesday.

His comments came amid concerns that world oil supplies were getting tighter as demand improves with a recovery in global economic growth, with prices hovering close to $80 a barrel, up more than 70 percent this year.

"For the next meeting in Angola, I think OPEC will be very careful to discuss the market situation," he said. "I don't think there will be a dramatic change in the next meeting."

The Organization of the Petroleum Exporting Countries will meet in Luanda, Angola on Dec. 22 to decide on its oil production policy. OPEC has kept official output targets unchanged at meetings this year, after it agreed to curb output by 4.2 million barrels per day (bpd) last year.  Continued...

 

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