OPEC will not hold a formal meeting when energy ministers gather at a conference in Rome later this month, a source familiar with Saudi thinking said yesterday.

""OPEC will not meet either formally or informally at the International Energy Forum (IEF) in Rome,"" he said.
Some consumer countries have said OPEC should raise its output to try to calm oil prices, which are well over $100 a barrel, but the source said there was already plenty of oil.
""The market is well-supplied and stocks are starting to build up.""
Ministers from the Organization of the Petroleum Exporting Countries, as well as energy ministers from consumer nations will gather in Rome for the International Energy Forum from April 20 to 22.
Although the source said there would be no formal meeting, the oil market would be discussed.
""Ministers of producing and consuming countries who are participating in the IEF are expected to discuss the stability of the oil market and the factors that are affecting it,"" the source said.
(Source: Gulf Daily News)