prevent any collapse of prices.” He added that: “We don’t want to be overtaken by events if prices go down … so we have to be very cautious over that possible situation.
” Khelil indicated that the cartel would continue to abide by the price band mechanism and would boost output again if needed. He said: “The mechanism is still working and we have to implement it if we want to be coherent with ourselves.
The counting has started on November 2nd and if prices stay above $28 in the next 20 working days, we’ll pump another 500,000 b/d.” U.A.E. Oil Minister Obaid bin Saif al-Nasseri also said on November 8th that his country has the capacity to raise production if OPEC moves to increase output again.
He said that: “We have the ability to handle [an] extra [OPEC] quota if required by the market.”
OPEC ministers are not expected to discuss a further production rise at their upcoming meeting in Vienna, which is to focus on the appointment of a new secretary general to replace Rilwanu Lukman, who was appointed special advisor on petroleum affairs to Nigerian President Olsegun Obasanjo more than one year ago.
Saudi Arabia, Iran, Iraq and Libya have all proposed candidates for the post, which requires the unanimous approval of all 11 members.
The group has been in a deadlock regarding the position since September 1999, with Shokri Ghanem, the Libyan nominee, serving as acting secretary general, while Lukman splits his time between Secretariat responsibilities and his advisory duties in Nigeria.