OPEC President: Market Stability is OPEC's Main Objective
Achieving market stability is the main objective of the Organization of Oil Producing Countries (OPEC), the body's president, Ali Rodriguez, said Saturday at the opening ceremony of a meeting attended by 11 OPEC representatives in Algiers.
"OPEC's response has to be clear: market stability is our main objective," Rodriguez said, citing "pressure" from industrialized nations to "preserve their interests."
"We have to avoid volatility by seeking a point of equilibrium that is good enough for development of the industrialized and developing nations," he said.
Last month, OPEC members agreed to a modest production hike of 708,000 barrels per day and to pump more oil into the market if the average price of crude remained above 28 dollars a barrel for 20 working days.
The accord went into effect July 1st - Algiers (AFP)
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