Vienna, Dec 03: Libyan Oil Minister Abdulhafid Zlitni has said there is no need for a change in Opec's current production ceiling but the cartel would have to meet again before March to study the market. "I don't think there is a need for a change in quotas," Zlitni said yesterday after arriving in Vienna for a special ministerial meeting of the organisation of petroleum exporting countries on Thursday.

"There is no excess supply in the market at the moment. We probably have to meet again before March."

Opec's current production ceiling of 24.5 million barrels per day (BPD) went into effect in November, shortly after the 11-member cartel in a surprise move cut quotas in September by 900,000 barrels per day. "The 900,000 BPD cut has brought some balance in the market," Zlitni said.

"The question is how we see the first quarter of next year. There are some members who think that there is going to be some excess supply by the end of the coming quarter, others say 'no'.

"I think there is enough growth showing up now in the consuming countries. If that is true, there won't any excess supply. But we are concerned, this is why we will probably have to meet before March." Bureau Report