OPEC 'ready To Talk' To Other Oil Producers

By William L. WattsMarketWatch Pulse

The Organization of the Petroleum Exporting Countries on Monday expressed concern about the drop in oil prices and said it stands "ready to talk" to other producers. In an article in its monthly bulletin, OPEC expressed concern that sustained low prices could take a toll on projects aimed at expanding capacity, but also sounded an optimistic note on forecasts for oil demand. The organization said it would continue to do "all in its power" to create an enviroment that would allow the oil market to achieve "equilibrium with fair and reasonable prices." OPEC said it "stands ready to talk to all other producers. But this has to be on a level playing field." The organization said it would "protect its own interests" but that cooperation "is and will always remain the key to oil's future and that is why dialogue among the main stakeholders is so important going forward." Nymex October crude-oil futures were up more than 6% at $47.98 a barrel.

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