OPEC believes use of U.S. reserves does not affect oil prices
There is agreement within OPEC with the idea that the U.S. decision to release 30 million barrels of its reserves will not affect oil prices.
Abdalla Salem El-Badri, Oil Minister from Libya, thinks that "unfortunately, the decision was taken at a bad moment...so far, there has not been significant changes in prices'
El Badri hopes that OPEC is not forced to cut production.Also, Shokri Ghanem, Research Director of OPEC, assured that U.S. reserves will not affect prices.
"This decision will only have a psychological and "electorate" effect in the market", said Ghanem.
"The price of oil will go between $25 and $30", added Ghanem, considering the U.S. decision as a "domestic problem".
© 2000 Mena Report (www.menareport.com)