Ali Rodriguez Venezuela Energy Ministry and Opec President said Monday there's no reason to worry about Iraq's the pricing dispute with the U.N. will be solve.
It is unlikely that Iraq will cut off its oil exports. "Given the fact that the world oil market is currently high on inventories and Iraq is committed with OPEC to achieve stable world oil prices, there's no reason consumer nations should fear an oil shortage and high prices," Rodriguez told reporters On Monday.
Rodriguez said he had talked Monday to Iraqi Oil Minister Amer Mohammed Rasheed and that he understood that Iraq was honoring its market exports contracts deliveries.
He also said that he was under the impression that Iraq didn't stop its oil exports, as Iraq's had said it would do if its proposed pricing mechanism wasn't adopted.
Rodrigues added "Prices were off on Monday,despite the Iraq situation, we all in OPEC believe the market's oversupplied, the demand is falling in the U.S. and stocks are higher".
By Elio Ohep
© 2000 Mena Report (www.menareport.com)