LONDON/NEW YORK: OPEC sees no need at present to hold an emergency meeting to discuss raising its oil output, because supply is adequate, an OPEC delegate said Wednesday following informal consultations among members. The 12-member Organization of the Petroleum Exporting Countries has been talking about whether it needs to meet due to rising prices and the loss of Libyan supplies. The group believes that supply is adequate, said the delegate, who declined to be identified. "There have been consultations and we don't see a need to meet at the moment," the delegate said. Oil prices fell Wednesday as the US Energy Department's Energy Information Administration said crude oil supplies grew by 2.5 million barrels. Benchmark West Texas Intermediate crude for April delivery lost 64 cents to settle at $104.38 a barrel on the NYME. In London, Brent crude rose $2.88 to settle at $115.94 per barrel on the ICE Futures exchange. OPEC's next scheduled meeting to review output policy is in June. Secretary General Abdullah Al-Badri has been speaking to member countries to find out whether they believed an earlier meeting was warranted. According to the OPEC statute, an extraordinary meeting may be convened at the request of a member country by the secretary general, after consultation with the president and approval by a simple majority of members. OPEC's rotating presidency is held this year by Iran, which Tuesday downplayed speculation of more OPEC oil.
