OPEC to discuss output hike if needed - Saudi, Kuwaiti oil ministers |
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Sun, 11 Nov 2007 19:06
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KUWAIT CITY (Thomson Financial) - The Saudi and Kuwaiti oil ministers said OPEC will discuss the possibility of raising oil output if needed to cool soaring prices.'It is premature (to speak of a hike). When OPEC meets, we will discuss this issue,' Ali al-Nuaimi, oil minister of Saudi Arabia, told reporters during a short visit to Kuwait.He did not specify which meeting of the cartel he was referring to. OPEC is holding a summit in Riyadh on Nov 17-18 and ministers are also due to meet in Abu Dhabi on Dec 5.Kuwait's acting oil minister Mohammad al-Olaim said OPEC will 'not hesitate to shoulder its responsibilities.'He said the cartel would be willing to increase output 'if there is a need to raise production in accordance with market parameters.'Nuaimi said oil prices were being determined by the market and the oil-rich Gulf states had no control over prices.'Prices are fluctuating everyday and are determined by the market ... Gulf states do not control prices. Gulf states are trying as much as possible to ensure supplies and stabilise the market,' the Saudi minister said.Olaim said current oil prices were a cause of concern for all parties, but OPEC would not take a decision before analysing information and data about the market.'During the Abu Dhabi conference, we will assess the market situation and the stocks and talk about if there is a need to raise output,' he said.Oil prices have been nearing the 100 usd per barrel mark. On Wednesday, it raced to all-time highs of 98.62 usd in New York and 95.19 usd in London.tf.TFN-Europe_newsdesk@thomson.comjagCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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