KUWAIT CITY, 16 May 2005 — The Organization of Petroleum Exporting Countries (OPEC) is unlikely to adjust its official production ceiling of 27.5 million barrels per day (bpd) during its upcoming meeting in June, its President Ahmed Fahed Al-Sabah said yesterday. Speaking to reporters on the sidelines of a conference organized in Kuwait by OPEC and the International Energy Agency (IEA), Ahmed also said that market prices were finally beginning to stabilize. The organization would consider $40 per barrel an acceptable price for the basket of OPEC crudes, he said. Strong inventory figures that emerged from the United States last week mainly pushed US crude prices down ending the week last Friday at $48.67 per barrel.