More oil ministers were due in Vienna Saturday for an OPEC meeting under intense pressure to boost supplies enough to cool soaring oil prices threatening a global economic slowdown.
Some sources forecast that the formal meeting, scheduled for Sunday, may have to continue into next week as ministers seek to thrash out exactly how to help calm the markets, which hit 10-year highs this week before easing Friday.
UN Secretary General Kofi Annan added his voice to calls for the 11-member grouping to act decisively to bring down oil prices.
"The Secretary General urges them to be especially sensitive to the impact of their decisions on the world economy, and particularly the poorest countries," said his spokesman Fred Eckhard.
High prices have sparked protests -- notably in France where a crippling five-day oil blockade appeared set to continue into the weekend -- as well as warnings from politicians of global inflationary pressure.
Such protests, or at least threat of protests, have also begun to spread to neighboring European countries.
Sunday's meeting seems certain to decide on some increase, but the question is how much is needed to cool markets, without running the risk of a price collapse.
On Friday the first ministers began arriving in Vienna, including OPEC heavyweight Saudi Arabia's Oil Minister Ali al-Nuaimi and Venezuela's Ali Rodriguez, who currently presides over OPEC.
The Saudi politician issued a stark warning that, while OPEC can play its part in steadying markets, governments must also act to reduce taxes, which are often a huge part of the price of oil products to end-consumers.
Kuwait's Oil Minister Sheikh Saud Nasser al-Sabah also lashed out at high oil product taxes.
"I am pleased the consumers have started not to place the blame on OPEC alone for the rise in fuel prices, and are blaming their governments for the high taxes on oil products, especially gasoline," he said.
OPEC has already increased production twice this year but this had had little effect on prices, which have tripled since slumping to under 10 dollars a barrel last year.
Only Saudi Arabia, Kuwait and the United Arab Emirates have spare capacity: the other eight countries are expected to dig in for fear that production increases will lose them revenue as well as market share – VIENNA (AFP)
© 2000 Al Bawaba (www.albawaba.com)
