Saudi oil minister rules out output hike at next meeting |
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Tue, 13 Nov 2007 03:14
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LONDON (Thomson Financial) - Saudi Arabia's oil minister ruled out a hike in oil production in response to soaring prices at an OPEC meeting this weekend in an interview published Tuesday.Ali al-Nuaimi told the Financial Times business daily that 'there will be absolutely no discussion' of short-term supply at a November 17-18 OPEC summit in Riyadh by heads of state or oil ministers.The minister told the FT that the summit would instead focus on longer-term strategy.However, OPEC was 'watching' the market carefully, and said that Saudi Arabia would 'look at all the information available', leaving the door open to an increase in output at OPEC's next meeting in Abu Dhabi on December 5.Nuaimi cautioned that a decision on a production boost at the Abu Dhabi meeting was 'premature', while insisting that OPEC had 'nothing to do with where the (oil) price is today.''We have no interest whatsoever in seeing the world regress from its development' because of risingenergy prices, he said.Oil prices fell earlier Monday after Nuaimi told reporters on a visit to Kuwait that OPEC will 'discuss this issue' when it meets, without specifying which meeting he was referring to, the Riyadh summit this weekend, or the Abu Dhabi meeting next month.New York's main contract, light sweet crude for December delivery, shed 1.70 dollars to close at 94.62 dollars a barrel, though crude futures have surged to record highs in recent weeks.afpjgCOPYRIGHTCopyright 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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OPEC to discuss output hike if needed - Saudi, Kuwaiti oil ministers 