SPACE WIRE
UAE says still too soon for talk of OPEC output cuts
ABU DHABI (AFP) Apr 15, 2003
The United Arab Emirates said Tuesday it was still too early for any talk of OPEC cutting crude output at the cartel's extraordinary meeting scheduled to be held in Vienna on April 24.

"It's too early to talk about cutting output. We are studying the situation and will decide after that," Emirati Oil Minister Obeid bin Saif al-Nasseri told reporters in Abu Dhabi.

"It's too early to decide about cutting production. We will have the meeting first, discuss the issue and then take the right decision," Nasseri said.

After days of uncertainty over the date of its next ministerial meeting, called earlier this month by president Abdullah bin Hamad al-Attiyah, an official at the oil cartel's Vienna headquarters confirmed on Tuesday the gathering had been scheduled for April 24.

"It's not certain yet," Nasseri said for his part. "It is the likely date."

Oil prices slipped slightly in early trading on Tuesday as expectations of a resumption of Iraqi crude exports cancelled out the prospect of an output cut by the 11-member Organisation of Petroleum Exporting Countries (OPEC).

In London, reference Brent North Sea crude for May delivery fell 22 cents to 24.77 dollars a barrel in early deals.

New York's benchmark light sweet crude contract for May dropped 10 cents to 28.53 dollars a barrel during out-of-hours electronic trading.

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