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Akihiko Tembo, who is also the president of Japanese refiner Idemitsu Kosan Co., said OPEC's October decision to cut 1.5 million barrels a day probably isn't enough to affect crude prices.
"I think there would be (a surplus of crude oil) even if OPEC members fully commit" to the original output cut decision, he said.
"If (global) demand is 3% lower and you calculate using the International Energy Agency's outlook, there would be (a decrease of) 2.5 million barrels a day," he added.
Officials of some OPEC members, including Venezuela and Iran, recently advocated an additional output cut - ahead of an extraordinary Nov. 29 OPEC meeting in Cairo.
While the group may eventually cut output, it isn't likely to make the decision Saturday, Tembo said, adding that OPEC will have to first establish whether or not members have fully met commitments made Oct. 24.
-By Mari Iwata, Dow Jones Newswires; 813-5255-2929; mari.iwata@dowjones.com
(END) Dow Jones Newswires
11-27-08 0301ET
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