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No reason for OPEC output change -Nigeria oilmin

Mon 28 Jan 2008, 17:33 GMT
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ABUJA, Jan 28 (Reuters) - Nigeria sees no reason for OPEC to change its agreed oil output at its next meeting in Vienna on Feb. 1, Minister of State for Petroleum Odein Ajumogobia said on Monday.

Ajumogobia said Nigeria was concerned about the risk that high oil prices would depress global oil demand, he told a news conference in the capital Abuja.

"The price is being affected not by supply and demand but other factors and therefore there is no reason to suggest another intervention at this stage," Ajumogobia said in response to a question on what Nigeria's position would be at the Vienna oil ministers' meeting.

"The risk is that the higher the price is, the greater the chance it will affect the global economy and that is not good for us because it will affect demand," he said.

OPEC is widely expected to leave its output unchanged, with oil prices near $89 a barrel, off their record high of $100.09 hit on Jan. 3.

Many officials have said they do not see the need to pump extra oil, despite the growing threat of recession. They cite seasonally weak second-quarter demand and comfortable crude inventories. (Reporting by Tom Ashby, writing by Estelle Shirbon, editing by Anthony Barker)

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