OPEC consults
Source: Agencies |
March 9, 2011, Wednesday
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Print Edition
Print Edition
OPEC oil producers are consulting about a supply boost but many in the group remain skeptical, saying high prices are due to fears of shortage and world supply is comfortable despite the loss of Libyan crude.
The Organization of the Petroleum Exporting Countries has yet to officially change its production policy, even though it has been boosting supply informally for months and Saudi Arabia has offered to help make up for the loss of around two thirds of Libya's output.
"We are in consultations about a potential output increase, but have not yet decided," Kuwait's Oil Minister Sheikh Ahmad al-Abdullah Al-Sabah said yesterday.
Benchmark West Texas Intermediate crude for April delivery fell US$1.64 to US$103.81 per barrel yesterday. In London, Brent crude shed US$2.79 to US$112.25 per barrel on the ICE Futures exchange.
A different message emerged from Iran, OPEC's leading oil price hawk and holder of the rotating OPEC presidency in 2011. Its OPEC governor Mohammad Ali Khatibi downplayed speculation of more OPEC oil.
The Organization of the Petroleum Exporting Countries has yet to officially change its production policy, even though it has been boosting supply informally for months and Saudi Arabia has offered to help make up for the loss of around two thirds of Libya's output.
"We are in consultations about a potential output increase, but have not yet decided," Kuwait's Oil Minister Sheikh Ahmad al-Abdullah Al-Sabah said yesterday.
Benchmark West Texas Intermediate crude for April delivery fell US$1.64 to US$103.81 per barrel yesterday. In London, Brent crude shed US$2.79 to US$112.25 per barrel on the ICE Futures exchange.
A different message emerged from Iran, OPEC's leading oil price hawk and holder of the rotating OPEC presidency in 2011. Its OPEC governor Mohammad Ali Khatibi downplayed speculation of more OPEC oil.
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