The OPEC oil cartel is not planning to boost production further, Kuwait's Oil Minister Saud Nasser al-Sabah said Sunday, noting that high crude prices were temporary.
"There is at the moment no move towards an increase in production from OPEC, whose members agree there is an oversupply of crude on the markets," he told an oil conference in the Emirati capital.
"Most OPEC countries are also producing at full capacity," Sheikh Saud said, noting the the high prices were "temporary."
His Emirati counterpart Obeid bin Saif al-Nassiri said the turmoil in the Middle East has "disrupted the oil markets leading to the recent price increase." Nassiri told a conference newsletter a further production hike would be "premature."
Ministers of the Organization of Petroleum Exporting Countries are set to review the situation at a meeting in Vienna on November 12. "OPEC will study the market situation and take the necessary decision to increase or reduce production," Nassiri said. The United Arab Emirates was respecting its 3.2 million barrel a day quota, he added.
Following a sharp surge in recent days in response to Middle East tension, oil prices settled lower Friday. But they remain volatile and not far off the 10-year highs last struck ahead of the 1991 Gulf War. A barrel of light sweet crude for November delivery sold for 34.99 dollars at close of trade Friday, down 1.07 dollars from Thursday. – (AFP)
© Agence France Presse 2000
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