OPEC Likely to Deny Bush’s Request for More Oil, Survey Shows

Jan. 29 (Bloomberg) — OPEC, the producer of more than 40 percent of the world’s oil, may reject U.S. President George W. Bush’s request to increase production and relieve the strain of rising energy costs.

The Organization of Petroleum Exporting Countries will keep its output target unchanged at 29.67 million barrels a day when it meets in Vienna on Feb. 1, according to 29 of 32 analysts surveyed between Jan. 24 and 28 by Bloomberg News. Ministers from Qatar, the United Arab Emirates and Iraq said last week that more oil isn’t needed. Bush asked producers to pump more crude during a visit to Saudi Arabia on Jan. 15.


Oil fell 5.3 percent to $90.90 a barrel this month, and the 13-nation group wants to prevent a further decline, the analysts said. A slowdown in the U.S., the world’s biggest energy consumer, risks curbing demand for fuel as the end of winter in the Northern Hemisphere reduces consumption.

“OPEC would be shooting themselves in the foot if they increased supply,” Michael Davies, head of research at Sucden (U.K.) Ltd. in London, said in an interview.

Bloomberg