OPEC to Face Difficulties Due to Extra Oil Supply
The Organization of Petroleum Exporting Countries (OPEC) will encounter some difficulties in the second quarter of 2005 due to a global oil oversupply, Kuwaiti Energy Minister Sheikh Ahmad al-Fahad al-Ahmad al-Sabah said.
Before his departure to Davos, Switzerland to attend the World Economic Forum, the OPEC president said "when the need arises to reduce production during the second quarter, OPEC will hold an emergency meeting to discuss the issue."
According to the OPEC chief, there is an extra oil supply of 500,000 barrels to 1 million barrels per day on the global market.
(Pepole's Daily Online Feb. 2005)