Kuwait: OPEC could hike production by end-July
(AFP, KUWAIT CITY) - OPEC member Kuwait said Wednesday that the 11-member cartel could hike oil production by the end of July if prices remained high.
"We have to wait until the end of July to see how the market does. If we see there is unjustified increase in prices, we will act accordingly," Kuwait's Oil Minister Sheikh Saud Nasser al-Sabah told journalists.
However, OPEC President and Venezuelan Energy Minister Ali Rodriguez, who was accompanying Sheikh Saud on a tour of the emirate's parliament, said he "didn't think" any OPEC member would increase production unilaterally.
Rodriguez is in Kuwait for a short visit as part of a tour of OPEC member states to discuss the international oil market and production levels.
© 2000 AFP
© 2000 Mena Report (www.menareport.com)