OPEC not to increase oil production in coming months: secretary general
22/6/2007 16:14
OPEC Secretary General Abdullah Al-Badri said yesterday the
oil-producing cartel will not increase production in the coming months as the
international oil market is currently well-supplied.
Badri made the remarks
in Vienna after meeting with European Union (EU) leaders at the 4th ministerial
energy dialogue between the two sides.
Badri said even if OPEC increases its
oil production the increased volume will go to national reserves of
oil-consuming countries rather than refineries.
German Economy Minister
Michael Glos, who also attended the meeting, said that high oil prices on the
international market have already influenced economic development and the
70-dollar-per-barrel price is the upper limit consuming countries could
bear.
According to an OPEC report released yesterday, the average price per
barrel of a basket of 11 crude types was US$67.78 on Wednesday, US$0.45 lower
than the previous trading day, and OPEC's monthly report in June maintained that
predicted international oil demand in 2007 stood at the same level as estimated
in May.
The one-day meeting between the EU and OPEC kicked off yesterday,
aiming at strengthening energy cooperation between the two sides.
Xinhua
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