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Qatar's Energy Minister: OPEC to maintain output
AP Photo/Leslie Mazoch
Qatar's Oil Minister, Abdullah bin Hamad Al Attiyah, arrives at his hotel in Caracas, Venezuela, Tuesday, May 30, 2006, ahead of the OPEC meeting scheduled for June 1, 2006.By Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 05 31 06The OPEC organization are expected this Thursday at the Caracas meeting to keep its current oil levels, despite pressure from Venezuelan President Hugo Chavez's government.
Qatar's Energy Minister Abdullah bin Hamad al-Attiyah said Tuesday, at his arrival at Caracas he doesn't expect OPEC to alter production levels.
"No, I don't think so", al-Attiyah reply to a question if OPEC would change its official production quota at Thursday's meeting.
"I don't believe there is a shortage of oil at all. This is market driven," al-Attiyah added, arguing that prices have been driven up by geopolitical tensions and by speculation.
"Hopefully the market will stabilise," the Qatari minister said, adding he was "very concerned" about prices that go too high or too low.Oil prices when up Tuesday, WTI to a July delivery rising to US$72.27 a barrel on the New York Mercantile Exchange. It had settled Friday at US$71.37
- Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas.Petroleumworld 30 2022 GMT 05 06
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