25 April 2005, 18:10  OPEC is not taking any concerted action to bring oil prices below the 50 usd

OPEC is not taking any concerted action to bring oil prices below the 50 usd per barrel mark, despite the assurances of oil-producing countries that they are doing whatever they can to stabilise the market, the Centre for Global Energy Studies said in its monthly report. The CGES said Saudi Arabia -- the only OPEC member capable of influencing the market -- is showing reticence in raising its output beyond the volumes allocated to its customers, despite pressure from US President George W Bush.

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