Tuesday Nov 14 2000 | Updated 0017 hrs IST 1347 EST

Oil market saturated

VIENNA OPEC secretary-general Rilwanu Lukman said on Monday that OPEC saw ample crude supply in the market and feared a surplus will send prices dropping.

BThe feeling we have now is that the market is getting perhaps a little saturated and as stocks build up it is likely to hit us in the face later in the New Year if we donBt watch it,B Lukman said.

BWe do not want to overdo it and put the market in a state of jeopardy,B Lukman said.

He said additional crude supplies from the Organisation of the Petroleum Exporting Countries and other producers currently amounted to over five million barrels per day. B Reuters

http://www.economictimes.com/today/14comm03.htm

-- Martin Thompson (mthom1927@aol.com), November 13, 2000