Opec invites rivals

onebusiness.nzoom.com Opec Secretary General Alvaro Silva said on Wednesday that the cartel could consider output cuts to keep oil prices within its preferred price range of $US22 to $US28 per barrel.

"If we need to cut to keep the prices within the band, we will consider doing that," Silva told reporters at an event at the Central University of Venezuela in Caracas.

Opec is scheduled to meet on June 11 in Qatar to decide on production policy. Opec has also invited rival exporters - Russia, Norway, Mexico, Oman, Angola, Egypt and Syria - to its conference in Doha.

Oil prices dipped from recent five-week highs Wednesday as traders eyed the return of Iraq's exports after the US-led war on Baghdad.

US crude futures settled 77 cents lower at $US28.58 a barrel on Wednesday after Iraqi oil officials said exports could be restarted in two to three weeks.

Opec agreed in April to cut oil production by 2 million bpd beginning June 1, after several cartel members earlier in the year increased output ahead of the invasion of Iraq.

"If these measures are not sufficient, it is possible we will take additional measures to keep the market balanced," Silva said.

Venezuelan Oil Minister Rafael Ramirez on Wednesday said the cartel could reduce its production ceiling by up to 1 million bpd if Opec decides to reduce quotas in June.

Iraq's de facto oil minister, Thamir Ghadhban, said over the weekend he expected Iraq to pump 1.4 million bpd, about half of prewar capacity, by mid-June.