OPEC member Qatar is concerned that oil prices could collapse due to a supply surplus, the Emirate's Energy Minister Abdullah bin Hamad al-Attiya said Tuesday.
"Some two million barrels put on the market every day go into stocks, despite the 30 million barrels brought out (of strategic reserves) by the United States during October," Attiya said at the opening of a Middle East gas conference in Doha.
"I fear the surplus will lead to a fall in prices. Speculation and taxes are factors influencing oil markets," he added. In London on Tuesday, benchmark Brent moved above 31 dollars a barrel on the expected impact of cold weather in the United States and the turmoil in the Middle East.
OPEC agreed to boost production by 800,000 barrels a day from October 1 in a bid to cool oil prices, and will meet in Vienna November 12 to review the situation on the oil market. – (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)