OPEC President Ali Rodriguez said Thursday that OPEC is prepared to pump more oil into the market if it was necessary to stabilize it.
"If the situation needs to increase production, we will do it. The main interest of OPEC is to maintain the stability of the market," Rodriguez, who is also Venezuelan oil minister, told reporters after a first round of talks with his Emirati counterpart Obeid bin Seif Nassiri.
Nassiri said, "any increase in production should be through consultation within OPEC."
"In case there is any increase in production, the increase will be shared by all OPEC members, including the UAE," Nassiri said.
Asked by reporters if any increase has been agreed upon, Nassiri stressed that there was "no decision as yet. The decision has to be taken within OPEC."
When asked about the price band mechanism, Rodriguez said "We are acting between the two levels, 22 and 28" dollars per barrel.
Nasseri added that they discussed preparations for the OPEC summit Caracas is due to host September 28th to 30th and the planned August 9th visit to the UAE by the Venezuelan president, Hugo Chavez.
The ruler of the emirate of Fujairah, Hamad bin Mohammed al-Sharqi, will represent the UAE at the Caracas summit and will be accompanied by the oil and trade ministers, a foreign ministry official told reporters – ABU DHABI (AFP)
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