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Mon 25 Feb 2008 01:18 AM

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March supply change unlikely

Opec will decide not to change production at its March meeting, despite calls for cut, says delegate.

Opec was unlikely to agree a change in oil supply levels at its meeting on March 5, as high prices and concern about the economy balance expectations for a seasonal demand fall, an Opec delegate said on Sunday.

"I think Opec will decide not to change production," the delegate told newswire Reuters by telephone.

"The ministers could voice concern about demand in the second quarter and about the economy. But I don't think we will do anything. The price is still high."

US oil hit a record of $101.32 a barrel on Wednesday, in part on expectations Opec could maintain or reduce output at the March meeting.

The price retreated to just under $99 on Friday. (Reuters)

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