KEY POINTS:
Opec will consider a modest boost to oil supply at a meeting tomorrow, but a US$10 retreat last week in crude prices from a record high near US$100 a barrel could tip the balance away from pumping more.
The group that exports about 60 per cent of the world's oil mostly shares the unease of consumer Governments about high prices, which add a strain to the world economy.
"Opec will play its responsible role if there is a need for it to intervene and increase production after analysing the market," said Kuwait's acting oil minister, Mohammad al-Olaim.
An increase would be the Organisation of the Petroleum Exporting Countries' second this year and would come as concern grows about the health of the US economy and amid signs that high prices are slowing demand for oil, the main source of Opec countries' income.
Top world exporter Saudi Arabia has expressed concern about high prices but has avoided any comment on likely policy.
Indonesia, with limited influence as one of Opec's smallest producers, has said it would support an increase of 500,000 barrels a day - almost 2 per cent of supply from the 10 members bound by quotas.
There is a common view in the 13-member group that consumers have enough crude and that speculators, a weak dollar and political tension have sent prices soaring.
"There is absolutely ample supply," Saudi Oil Minister Ali al-Naimi, Opec's most influential voice, has said.
Opec officials made similar noises at a meeting in September when, with oil a touch under US$80, they decided to raise supply by 500,000 bpd from November 1, a step that failed to stem the rise in prices.
- Reuters
