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No reason to cut OPEC output: Riyadh
WASHINGTON. May 16: Saudi Oil Minister Hisham Nazer said he expected global demand for OPEC crude oil to increase during the year and thus there was no need to cut production ceilings, reports Reuter
"I see no reason why the OPEC celling should be lowered." he told CNN's money-line television programme, adding. "If anything they should be increased
He also said the kingdom would oppose giving Iraq an extra quota share when OPEC ministers meet tn June to de-cide on the new production level for the second half of 1991.
"We have heard that Iraq will ask for an extra quota share." Nazer said, "but as far as Saudi Arabia is concerned. Saudi Arabia will not give part of its quota to anybody."
Nazer said that if anybody deserves an extra share it is Saudi Arabia since it has the largest potential to produce oil.
OPEC Secretary-General Subrot said on Tuesday OPEC had room to produce an extra 700.000 barrels per day (BPD) in the third quarter from its current 22 3 million BPD to meet any rising demand.
Oilexportterminalfar Iran in PakiWxui
AFP from Islamabad adds: Pakistan has invited Iran to build an oil terminal at
Gawadar port in Baluchistan for secure and economical Iranian exports to the Far East, officials said Wednesday.
Such a terminal would be an additional "safe" outlet for Iran's oil away from the Gulf, they quoted Pakistani Minister for Petroleum and Natural Resources Chaudhry Nlsar All Klian as saying.
Khan, speaking here late Tuesday at a dinner he hosted for visiting Iranian Oil Minister Gholam Reza Aghazadeh. said
the terminal would also be economical for exporting Iranian oil to Japan and other Far 'Eastern destinations.
He said Pakistan would assist the terminal construction project with technical expertise and manpower
Siberia to wUofl on five market
Reuter from Moscow says: Soviet oil producers in the Tyumen region of western Siberia have received permission
to sell some of their output this year through a local com- 1 modifies exchange, a spokesman for the exchange said on Tuesday.
lyumen oil extracting and refining enterprises will be able to sell one million tonnes of fuel on tl»e free market, mostly through the exchange which opened tn April, an official at the exchange's Moscow branch said.
The official, who declined to be named, confirmed a report on the sides agreement b- y the business weekly Commer . sant.
"For the first time in Sov tel history, oil is to be s old through inon-governrr ,ent channels." he said.
Sales of most Soviet com-modilies arc handled by stale organisations, but economic reforms have led to a mushrooming of commod ity and stock exchanges thi -oughout the country.
'Foreign buyers b,avc access to the Tyumen exchange and some have bough', seats on it for hard currency , he said. But he gave no detaf is and the oil was unlikely to be exported without permission from the central Soviet authorities.
'll was not clear if sales wo uld be in Roubeis or hard cu rrency. Tyumen provides al out 60 j»er cent of Soviet oil o' itput. which was estimated at a bout 51*5 million tonnes tn ’.990.