UNITED STATES government officials are frantically lobbying Opec not to implement the cartel’s threat to reduce its crude output by one million barrels per day from April 1.

A surge in the US petrol price to record levels has raised alarm in Washington that the cost of energy could become a presidential election issue.

The White House chief of staff, Andrew Card, said that the administration was talking to its key allies in Opec — an allusion to Saudi Arabia — to persuade them to increase, rather than cut, production.

The cartel meets on Wednesday in Vienna to consider its quotas for the second quarter of the year and made a commitment last month to reduce the quota by 1 million bpd and remove some 1.5 million bpd of excess production.

Profit-taking by speculative funds last week took the heat out of the oil futures market as rumours circulated that Opec might delay the anticipated cut. In New York, the Nymex oil price fell 5 per cent, from its 13-year high of $38.18 on March 17, to $35.73.

Opec oil ministers have not confirmed that a postponement is under discussion although Oman, which is sending an observer, said a delay is on the agenda.

Opec believes that there is too much oil on the market and blames speculators for record oil prices. The organisation fears that a seasonal lull in demand in the second quarter could create a glut if the cartel members fail to remove overproduction.

However, the Centre for Global Energy Studies warned last week that Opec was underestimating demand and that oil prices needed to be reined in if the cost of crude was not to stifle economic recovery.