DJ Libya Oil Min: No Need For Opec Output Cut Now -3-
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[January 30, 2006]

DJ Libya Oil Min: No Need For Opec Output Cut Now -3-

(Comtex Business Via Thomson Dialog NewsEdge)Jan 30, 2006 (Dow Jones Commodities News via Comtex) --U.S. light, sweet crude oil futures for March delivery were down 21 cents at $67.55 a barrel at 1118 GMT Monday. The oil market mainly responded to news that Royal Dutch Shell PLC's (RDSB) EA field in the Niger Delta is back online after a two-week shutdown because of a technical problem.


The EA field supplies around 115,000 barrels a day of crude oil when it's pumping at capacity.

Later Monday, Iranian government officials are due to meet in Brussels with European diplomats. The meeting comes ahead of an International Atomic Energy Agency meeting, scheduled for Thursday, in which it is expected that some members of the IAEA would look to refer Iran's nuclear case to the U.N. Security Council.


People familiar with Iranian policy said Iran hopes the Brussels meeting could lead to a postponing of Thursday's IAEA meeting.

Tehran says its nuclear program is peaceful and only aimed at generating electricity.

But the U.S. and its allies say they believe the Iranians are trying to develop atomic weapons.

-By Sally Jones, Dow Jones Newswires; 44-207-842 9347; sally.jones@dowjones.com

(Tim Falconer in London contributed to this story.)

(END) Dow Jones Newswires

01-30-06 0642ET

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