Qatar energy minister rules out immediate output hike
Qatar's energy minister said that the Organisation of Petroleum Exporting Countries (OPEC), would not raise output because there was already enough oil in supply, reports said Friday.
"We are not going to decide to increase production" at the OPEC ministers' meeting on Sunday in Vienna, Abdullah Hamad Al-Attiya was quoted by Kyodo news agency as saying in Tokyo, where he arrived November 4 for a week-long visit.
"We believe very strongly (that there is) more supply in the market than demand," the minister said.
Al-Attiya expressed concerns that the balance may further deteriorate in the second quarter of next year, Kyodo said.
"I am very concerned about the second quarter of next year. I believe the quarter will be very sensitive because there will be more supply in the market than demand," he said.
OPEC boosted its output by 500,000 barrels per day on midnight October 30. It was the cartel's fourth production boost since last January.
OPEC would have to embark on a "substantial production cut" before the second quarter of 2001 to keep the basket price from falling below the cartel's band of 22-28 dollars a barrel, compared to current prices of more than 30 dollars, the industry report Middle East Economic Survey has warned.—afp.
©--Agence France Presse.
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