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Opec warns oil supply cuts needed for' 05

Reuters, Cairo
Opec oil producers said on Thursday Friday’s ministerial meeting would focus on cutting back oversupply to support falling prices and that producers would have to reduce output quotas early next year.
Ministers from Libya, the UAE and Kuwait urged the group to cut back on excess supply that has pulled prices to four-month lows. Saudi Oil Minister All al-Naimi said he came to the meeting with an open mind.
"1 think we have to cut off all our overproduction/ said Kuwait Oil Minister Sheikh Ahmad al-Fahd al-Sabah. "I think over the last six weeks the prices were a surprise for everybody."
Producers fear rising inventories in consuming nations could further lower prices wiiich have already dropped by $ 13, or nearly 25 percent since late October.
The 10 Opec members with quotas are pumping around a million barrels daily above the official 27 million ceiling.
Opec’s second biggest producer Iran said Opec was unlikely to cut its formal target at Friday's meeting but would need to do so for the second quarter when demand seasonally declines.
US crude was up 5-1 cents at $42.48 a barrel on’rhursday.
The Organization of the Petroleum Exporting Countries has been producing at the highest level in 25 years to meet rising demand in the United States and China and compensate for disruptions to supply from Iraq.
Opec’s second biggest producer Iran said there was some resistance among ministers to eliminating production over formal quotas but believed the group would agree to be cautious on supply.
"Probably some believe It's not necessary to take out the extra
supplies. But I'm sure after more consultation we'll all believe it's necessary to be more careful after the price drop," Iranian Oil Minister Bijan Zanganeh told Reuters.
Saudi's Naimi has said Opec will act to steady prices but played down fears of a surplus and questioned whether there was any need to reduce supply.
"People think we come with a preset mind. We don’t We come with an open mind. We review the data and we decide accordingly," Naimi said.
Most of the burden of any Opec output restraint would fall on top producer Saudi Arabia as it has been producing around 9.5 million barrels per day since August 890,000 bpd over its quota limit.
As the world's biggest oil power, Saudi Arabia has most to lose if a further spike in prices endangers long-term fuel demand by damaging economic growth.
Steep discounts for Opec’s lower-
quality crudes have undermined revenues, especially for Iran, Kuwait and Venezuela which produce a lot of heavy, sulphurous oil.
" By pulling back on their heavier, sour production the Saudis will be reducing the differentials that have incensed the major sour producers in the organization," said Washington D.C. -based analysts PFC Energy in a report.
So far demand has proved resilient to this year's rally, but some economists warn that the full impact will not be known for another six months or so.
Analysts warn that winter heating fuel stocks in major consuming centers are low and will come under strain if the northern winter is severe.
Crude prices are still nearly 30 percent above the start of the year but a fall in the dollar's value has further eroded Opec’s revenues from its sales, denominated in the U.S. currency.