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OPEC June action unlikely if oil price steady-Qatar

Written by: Staff
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DOHA, Apr 2 (Reuters) OPEC is unlikely to act during a June meeting if oil prices remain at current levels as there is no shortage of supply in global markets, Qatari Oil Minister Abdullah al-Attiyah said on Sunday.

Attiyah also told reporters that the global economy can absorb oil prices of per barrel.

On Friday, U.S. light crude fell 52 cents to .63 a barrel, while London Brent crude slipped 55 cents to .91 a barrel.

Asked about Organisation of Petroleum Exporting Countries' meeting in June, Attiyah said: ''The price as it is now, nothing will happen.'' ''We are doing all that we can do... I don't believe there is a shortage of supply,'' he added, referring to a build up in U.S. crude stockpiles.

Asked about prices, the minister said: '' a barrel, I think the international economy can now absorb it.'' Oil prices are now about below the record .85 hit last year when hurricanes knocked out a quarter of U.S. energy production.

OPEC, the source of more than a third of the world's oil, agreed at a March 8 meeting to keep output near 25-year highs in a bid to lower prices and offset concern about major disruptions to supplies from Nigeria and Iran.

REUTERS MP BST1644

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