OPEC to agree "adequate" hike in production
OPEC ministers will agree to an "adequate" increase in oil production at their meeting which begins Sunday in Vienna, the United Arab Emirates Oil Minister said.
"The Vienna meeting will look at the situation on the oil markets and decide an adequate increase in production," said Obeid bin Seif al-Nassiri as he flew out of Abu Dhabi for Austria.
But he attributed current prices, which have hit 10-year highs and led to western calls for a major boost in supplies to force down costs, "to economic factors and speculation."
"OPEC countries are committted to increase production but the volume of the increase will be subject to discussion and studies," the minister told the Emirati news agency WAM.
"Whatever the increase is, the United Arab Emirates will be in a position to play their part because of surplus production capacity while other countries will keep their current quota," Mr. Nasseri said.--AFP.
(C)--Agence France Presse.