VIENNA, 20 September 2005 — OPEC producers yesterday prepared to postpone action on extra crude supply, falling short of expectations among some consumer countries hoping for immediate relief from fuel price inflation.

The Organization of the Petroleum Exporting Countries was near a deal to make available its remaining spare production, but only when needed in a world market short of refined product, rather than crude, ministers said.

“We will collectively make a pledge to have the spare capacity available if needed, but I don’t believe it is needed,” said Nigerian Oil Minister Edmund Daukoru.

OPEC was likely to agree to a resolution today that would vow to release the spare 2 million barrels a day should it be required, said OPEC President Sheikh Ahmad Al-Fahd Al-Sabah.

Official output quotas for 10 member countries would be kept unchanged at a ceiling of 28 million bpd, he said.

“We have the 2 million available if there is a call for it — there is no need for raising the ceiling,” Sheikh Ahmad said.

Oil prices had eased from a record $70.85 a barrel in the three weeks since Hurricane Katrina hit US Gulf oil facilities. But crude rebounded sharply yesterday, rising $3.55 to $66.55 a barrel by 1620 GMT as another tropical storm threatened the region.

Analysts said OPEC appeared to be trying to tread a fine line between reassuring consumer countries that spare capacity is readily available without forcing unnecessary supply on to the market. “OPEC wants to be perceived as part of the solution, not part of the problem,” said consultant Yasser Elguindi of Medley Global Advisors.

“But they don’t want to send the wrong signal to the market. They want to continue a loose supply policy, meaning that if there’s a crude problem, which there isn’t now, they can supply it.” Europe, rather than the United States, has led calls for more oil from OPEC, even though there appears to be no way it can sell more to refiners.

UK Finance Minister Gordon Brown, representing the European Union, last week called for an extra 500,000 barrels a day.

Brown and his French counterpart Thierry Breton said yesterday they wanted G-7 officials to visit producer countries to help increase oil price transparency.

The call coincided with the conclusion by OPEC of a long-term strategy plan that seeks to provide transparency about how it operates.