EnergyInsights.net

Oil: Qatar, OPEC powerless against price rally

13-05-2008 8:03 pm

(AGI) - Doha, May 13 - There is nothing the OPEC can do to stop the rally of oil prices and therefore organising another meeting before the one of September is useless: Oil Minister of Qatar Abdullah al-Attiyah said this. "It is no use for us to meet before September because there is nothing we can do" he said. "The oil price is out of control". Supply is sufficient and refineries don't ask for more. The minister commented a remark attributed by a source in the OPEC on the possibility that member states were considering increasing oil output before September. In these days many ministers and government leaders stressed that oil supply is adequate and rejected the request made by US President Bush and other government officials of consuming countries to increase supply to cool prices. According to Attiyah, the price rally is caused by speculations and geopolitical tensions in some producing countries. To the question if an OPEC output increase could lower prices, Attiyah responded: "I don't think this would be a reason to organise a meeting. We don't deal with psychological markets. The fact is there is no lack of supply". Attiyah reminded that in autumn in Moscow a meeting of the Gas Exporting Countries Forum (GECF) is scheduled, though no specific date or agenda has been decided on yet. OPEC members like Qatar, Algeria and Iran, and others, in particular Russia, participate in the Forum.